What a recovery in the price of Brent Crude after all the madness we witnessed after the Pandemic last year! We are currently approaching the downtrend line (DT) that has been in place since the peak in 2008. This zone ($77-$80) as indicated by the red box has also been an area of horizontal resistance/support in prior years. We have the 61.8 fib retracement which...
Brent came down exactly as expected yesterday with EIA results not giving much reason for further increase. Formed a wedge during teh fall, expect price to retrace to around 72.3 today. nice quick opportunity there.
I've been bullish on FX_IDC:USDBRO ever since it traded above its 200EMA. Bought few contracts, rode the trend from $43 to $69. Last week Brent closed above $71, looking back, this was/is an area of value. Now that the price is above $71, I'm bullish once again, targeting the $85 region, with a stop below the 50EMA.
cypher harmonic pattern: AB=0.61 XA BC=1.41 AB tp1=0.78 XA=$91 tp2=1.27 BC=$137 tp3=2 BC=$470
As regards the oil market, we are still waiting for the bears to fight back and pull the price under $64.56 and $60.26, respectively. By doing so, they’ll enable us great entry chances for the upcoming bullish run which we expect to reach way above $80 in the longer run. Only a premature breakout above $71.36 would make us change this scenario. Keep trading!
Double top formed in Brent, if it breaks below 67.30 we'll probably see a strong move to 65.00. And if it continuous breking 65.00, we can see a bigger fall aming to 60.00 (We will update if this happens) This double top is formed at the end of a uptrend and is resting at a support, if it breaks that support, we will se a move! If it does not break, we will be...
cypher harmonic pattern: AB=0.61 XA BC=1.41 AB tp1=0.78 XA=$84 tp2=1.27 BC=$136 tp3=2 BC=$465
Oil continues its bullish advance as Oil demand comes roaring back as governments across the world vaccinate their domestic populations and set up a global demand increase for Oil as OPEC keeps supply limited. Investments banks such as Goldman Sach's have an extremely bullish view on the commodity, calling for Oil to enter a super cycle. In this video I look at...
Reversed off overhead resistance into our 65 buy zone. Would like to see daily bullish candle to confirm support. Bull flag still in play
It was too much for today sell in ~ 64.50
Brent in future 💸 but waiting for safe baying zone 💣
I’m thinking. Could lightening strike one place twice? I caught the top sell on Brent the other day, 100% move. This time I’m swinging the other way and looking for a sniper entry buy with little risk as possible. Idk, might be too greedy. Looking for a double bottom.
Our first take profit target is hit! We have now closed half the position and will look for continuation of trend. I will update analysis when we have more information available. If you like this idea or traded it with me please like and follow for more ideas. ORIGINAL TRADE IDEA BELOW
It has been a while since we spotted bears on the oil market, but they came back in phenomenal fashion! With the yesterday’s offensive, they were able to pull the price shortly under the second support line at $62.36 – a crucial mark within our primary scenario. We expect that the price will further drop below $59.04. From there, we see a more comprehensive...
Brent Crude looks like it needs a retracement after its stellar recovery. On the weekly chart we can see that its overbought on all three signals. Oil producers need the price to stay above roughly $40 a barrel. In a controlled environment with limited exogenous impacts the price of oil should stay above $40 a barrel. That being said, $70 a barrel isn't going to...