BRENT CRUDE OIL is continuing to form lower lows and lower highs on the daily timeframe. Oil
prices look bearish here with the monthly lows of 52.00 likely to be targeted for long term swing positions.
The daily chart suggests we could see a retracement back into the lows of 60.32 where we could see sellers
continue the downtrend.
Hi fellow traders.
Looking at UKOIL right now, we can see that the RSI indicator has fallen towards the oversold region and is currently looking for a rally to the upside. Considering that UK Oil Supply is to remain the same, and with the UK Iran Oil Tanker tensions rising, it looks like UKOIL could look to push to the upside.
At this point in time 64.20ish...
After a perfect bullish move Brent Oil has reached an area where is facing horizontal resistance, downtrend resistance and it is at the upper end of the uptrend channel.
I am foreseeing the price to come down to the lower end of the channel, at around 64.6 area where it will also be the lower end of the channel.
On the 4H chart I want to see a break of...
The past month was super bearish. As looking at the past oil price is always take longer to climb up but it collapses in just a few days.
With the production cut from OPEC, I highly doubt that we will see below $50 again. Simple Fibonacci retracement shows below $51.5 is a full 61.8% retracement from the bullish run that started in December. It is better to fill...
Brent Crude Oil futures bearish forecast with new supply levels imbalances being created. Brent crude oil is correcting strongly after such a strong bullish move in the past months. Bullish impulses have become corrections and now there are a few daily supply levels created on the way down after such a strong rally.
Three supply imbalances have been created on...
based on my previous projection ; brent oil can push for a little more upside but will fallback to 46-50$ / barrel range in Q3-2019.
for longer term : i'm expecting a very strong bull market. above 110$ in 2021.