Oil Short Setup
🔵 Entry Level: $82.58
🟢 Take Profit: $79.39
⛔ Stop Loss: $84.29
- So far the price is respecting the ascending channel;
- I expect an overbought level on the PVS Indicator by the time the price reaches the upper trendline;
- Volume is not supporting the up movement;
Looking at the long term downward trend from June 2008,
We can see that there is Resistance at the 86 level.
If this resistance is not broken then we are looking at a retracement to 51 level (Fib)
Solely based on technical analysis and no fundamentals in consideration.
We are still waiting for the Brent Crude to drop and approach its yellow trading zone. Here, we expect a massive turnaround, followed by long-term increases in the price. However, direct increases are possible, too, if the course reaches above $76.12.
Finally breaking more than a decade long downtrend line, with a closing candle over the line, a good sign; a pull back could happen and then it could continue its upward trend; after pull back, it could be an amazing buy position.
This analysis will be updated.
Well, as we can see, we are technically reviewing Brent oil charts at monthly timeframes. The price finally broke its 13-year downtrend last month ... (This break needs to be stabilized) Currently, the most important support range for Brent oil is from $ 72 to $ 76 ... Brent oil currently has a significant static resistance of $ 85 and we have to see if it can...
Further to yesterday's article, , UKOil has pulled back on the hourly. The left daily chart continues to show UKOil in the bullish area (upper blue - upper red). The hourly stochastic on the right has already crossed bullishly. If the EMAs cross to the upside that would be considered a bullish development. Assuming this, if the stochastic can move to 80 and hold...
Crude prices continue their steady rise as the Brent crude benchmark is trading close to $77.40 per barrel. The July high is at $77.84 per barrel, well within arm’s reach. The rise in crude prices continues for the fourth consecutive day as investors digest the recent damages to the U.S. oil industry caused by two recent hurricanes.
The damages were confirmed by...
UKOILSPOT is on a bearish momentum and is approaching our pivot and entry at 74.21 in line with 50% Fibonacci retracement and bearish trendline . Price could potentially bounce off and dip to our area of take profit at 72.73 in line between 161.8% extension and 61.8% retracement . MacD and Ichimoku clouds are supporting our bearish bias. Alternatively, our stop...
Look at price reactions to the RSI level 70,. in the 4-hour time frame. If we do not consider Price and fundamental reasons, such as coronavirus news, And only consider the price reaction to RSI 70, Again, the amount of correction, as in previous times, is so considerable that it cannot be ignored
Q: What has the highest probability of occurring?
Since February 2021 price has been stabilising on $65 per barrel.
There is a combination of 2 classic patterns forming at 65.00 support.
The inverse head & shoulders, which is in the process of forming the right shoulder, is currently invalid.
This pattern projects 85.25 as the target.
The double bottom,...
Oil is in the daily trend of correction
In general, the $ 2 climb today is considered a correction, and the target for oil prices this week is $ 64.
Oil is in the daily trend of correction
In general, the $ 2 climb today is considered a correction, and the target for oil prices this week is $ 64
Brent crude has recently made four lower highs on the daily timeframe following the ongoing spark between the US admin and OPEC
Technically I am anticipating price to hit lower lows especially since bears have been able to break the previous major lows around 68.106 in addition to previous break of the trendline to the lower side earlier this week and a break...
''One way to control inflation is to have cheap Oil around'' the Fxprofessor
Brent crude oil price down below $67 per barrel on London’s ICE first since May 24
The price of WTI oil also went down by 2.52%
MOSCOW, August 19. /TASS/. The price of futures contracts of Brent crude oil for October 2021 delivery went down by 2.18% on London's ICE on...
OPEC monthly report was issued a few minutes ago, and the report was not positive for OPEC+ and the oil-producing countries within the group, led by Saudi Arabia. OPEC kept its forecast for oil demand in 2021 unchanged at an increase of 6 million barrels per day, bringing the average to 96.6 million barrels per day, and also kept its forecast for the growth of oil...