on DAILY: CRUDE OIL is sitting around a strong resistance zone so we will be looking for objective sell setups on lower timeframes.
on H4: CRUDE OIL is trading inside our red wedge pattern but the lower trendline is not valid yet so we are waiting for a third swing to form around our lower trendline to consider it our last swing and then enter on it break...
. While the price is below the resistance 44.55, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 44.55 is broken, the short-term forecast -beginning of downtrend- will be invalid.
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08...
Hi everyone. My analysis done for my main timeframe m5. I start from higher timeframes D1, H1 and move down to lowest m5.
Futures contract for Brent crude , London exchange ICE 09-20
My trading is based on market phases by Wyckoff.
For timeframes m5:
Buy on the test of level 43.40, target 43.80
Buy 43.80, target...
Brent Crude is looking to drop further towards $33.50 and $26.00 as the commodity carves a meaningful top around $44.00 handle. The earlier rally from $15.75 through $44.00 seems to have completed 3 waves at least. We can expect a minimum drop towards $33.50, which is fibonacci 0.382 retracement of the entire rally. Having said that, please do note that Brent...
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic...
Brent Oil 1 Hour Chart::heart:
Support : 37
Resistance : 43.4
Since the start of June , 37 has became an important support for Brent oil and it was retested on mid-June. By the chart , the price level of Brent oil can be divided into 2 sections with 37 and 43.4 as the boundaries and 39.8 cut between them.
Currently the price hang on around 39.8 which...
Brent Crude has carved a potential top around $44.00 handle. The commodity has dropped lower below $40.00 as we prepare to publish this article. The entire rally between $15.75 and $44.00 seems to have unfolded in 3 waves until now. If a triangle is unfolding, we would witness another 3 waves drop towards $26.00 (fibonacci 0.618 of the previous rally). If an...
Recently, there has been a lot of news about the fact that oil futures have recently doubled after the last fall, that JP Morgan has earned a couple of billions, and so on and so forth.
It is a rumor that oil will fall again to $ 20 per barrel, I honestly do not really believe in this scenario, since oil is not only a trading product but has a certain influence...