BRENT CRUDE OIL UKOIL Stuff and Nonsene
Brent is expected to move up to 68.06-69.47 range over the
coming couple of weeks where it becomes a sell again with
stop above 70.00.
Buy dips to the lower parallel if seen at any point during this
rally, looking to sell again when the upper parallel meets
price in the 68-69.47 range in a couple of weeks' time.
WTI...
Last week Oil failed to hold at the key support of 56.83 before bouncing at the 55.03 area finishing the week with a rally back towards the 56.83 level. Next week we will look for a continuation of the overall uptrend with a break of key (now) resistance at 56.83 to clear the way for longs towards the target, and next key area of resistance, at 58.79.
Brent Crude OIL UKOIL Trade Set-Ups for this Week
Position: Flat - Just didn't trust this short after it bounced at 61.70 first target and then started to build a near term low
at 61.33 so closed out the short for just over 100 pips after spreads, as per updates to last comment. Disappointed at the
time to close out a trade that had stopped behaving according...
Brent Crude OIL UKOIL Trade Set-Ups for this Week
Position: Flat - Just didn't trust this short after it bounced at 61.70 first target and then started to build a near term low
at 61.33 so closed out the short for just over 100 pips after spreads, as per updates to last comment. Disappointed at the
time to close out a trade that had stopped behaving according...
Maybe done with up move here at 2.618 of wave 1 reached at 5678.
Possible wave 4 .382 retrace to 5607 before wave 5 1.618 extension to 5622 which would complete a larger wave 1.
we have a Bat Pattern on weekly chart in the area of the 233 EMA...
but let the chart tell us when to sell ... we need a trend change at least in the H4 or better in the D1 chart
Possibly starting wave 5 to 59+.
Wave 3 2.618 extension of wave 1 and popped out of the channel.
Wave 3 0.382 retrace and back to the bottom of the channel.
Wave 5 1.618 extension of wave 4 to top of the channel.
Due to the recent surge in Brent oil volume on the Swiss Foreign Exchange, a review of the technical situation has been done by Dukascopy analysts. In general the commodity price is set to continue the recovery on various timeframes. However, some periods of consolidation might occur.
In regards to the short term, the black gold price has reached the upper trend...
Brent Crude Oil UKOIL Slow Burn
Brent is beginning to drift away from the upper parallel but
it's taking its 'sweet' time to do it. I should come back down to
the lower parallel given time, bouncing at 61.70 and
eventaully hitting 60. In an ideal world this will occur around
20th November at the point where fixed and dynamic supports
meet. Stops for...
Oil market
Oil traders have not yet decided on further price direction, but rather are looking for an excuse for pullback than for backing last week rally. According to Baker Hughes, the number of drilling rigs in the US increased last week while production reached a record 9.62M bpd. The most alarming part in fundamental picture of the US output was the pace of...
Last week price traded into and through our target and key resistance at 56.86 and is currently holding as support. As long as support holds we are looking for longs up towards the next key area of resistance at 58.79.
i see abullish Rsi divergence in h1
he is oversold in h4
CAD got power on a Saudi topic and the big bullish WTI,Brent
but i think he will habe a pullback as also wti and brent are overbought and the reality will come after speculator.
enter at 14775
target 1.4870
gain 105 pips
even all support oil this time the techical analysis still the same i enter short for a legit pullback
also Wti is mmuch in overbought territory
enter at 57.35
Brent Crude Oil UKOIL Update
Had to update this position via original comment whilst embargo was still on, repeated here (sic): Hva etaken a short
position with tight stop at 64.72 but ready to reverse, as above. High so far 64.62 - close but not hit yet.
That has proved to be the high so far as the Opec meeting gathered. Still don't think it's too late here...
1) Since lows seen at the beginning of 2016 until now we have seen UKOIL -0.14% forming an inverted Head and Shoulders pattern which has been broken upwards recently (weekly chart).
2) Fibonacci levels since May 2015 to Jan 2016 have been touched repeatedly, and acting as supports and resistances so far, specially 38.2% (at 43.3 usd/bbl) and 61.8% (at 53.3...
