Cup & Handle has formed on Daily and now we are just waiting for the breakout of the brim level. 7>21 <200 almost perfect. We just need the price to cross above 200MA First target $122
Brent is in a predominant falling wedge channel. As I have mentioned this week, channels are always stronger than breakout patterns. So we need the price to break below or above a certain level, before the price stops meandering... The first target is to the top of the channel at $97 then down to $88 (channel). If the price breaks below the channel then we...
We keep making lower highs and lower lows so I'd rather going with trend than fomo in. We might see reversal if that area is broken
Macroeconomic trends with a rough heating season for Europe, the continued war in Ukraine, the internal troubles in Iran, and the most recent OPEC+ meeting makes the macro position for Oil look bullish. Looking at the charts it looks likely that oil will challenge the downward trend that has persisted recent months and coming two days let us know if it'll begin a...
This is my primary count on USOIL. Seems likely that we test $66-$70 for the intermediate wave 4 & confirm the higher low & also support on the monthly ema's 50,100,200 before the final pump to $300 plus. So currently looks like we are in the 4th of the 3rd about to start the 5th of the 3rd and then correct into the HTF 4th wave before starting the last push to...
Bulls and bears are competing for preeminence, and both of them have gained the upper hand now and then. In the long run, we expect the bears to win this battle, though, and to drag Brent to the green zone between $77.10 and $42.16, where it should finish wave III in pink. After a short countermovement to complete wave IV in pink, Brent should enter the blue zone...
Brent Crude ⛽️ Oil ⛽️ has passed the main wave W by Zigzag structure (5-3-5). Oil could finish Expanding Flat (3-3-5) or Main wave X at 138.03$ . Of course, the War can change my Scenario, but I don't expect Oil to break 177$ . I expect the Brent Crude Oil to go DOWN at least to the upper line of Descending Channe & Support Zone . Brent...
Brent looks like it's on its way down! Broken below a Falling Wedge (which is rare). The RSI continues to make lower highs. and so the first target is around $67.65
This graph is a representation of my point of you of the futures market (USD). First SHORT as people will stock up before winter and hold then LONG once winter hits Europe and fear of lack of Russian oil supply will stop in December.
On the weekly chart, there is ether a strong Falling Wedge in the making. If the price breaks up and out of the Falling Wedge, we can expect the price to move up to $155.000 If Brent Crude forms an M formation (Double top), it's possible for Brent Crude to be bearish and on the way down. But we need the double top to form first. What are your thoughts...
This graph is a representation of my point of you of the futures market (USD).
This graph is a representation of my point of you of the futures market (USD).
The bears have their territory under control and plan to extend it further, more precisely, till the blue lake between $76.67 and $70.61, where they should fish for the end of wave 3 in blue. However, there is a 38% chance that the bulls could make an appearance and challenge our furry friends. This challenge, though, should only be successful if they can make it...
MOEX:BR1! Brent Oil Futures has been in a trading range since March of 2022 on the daily chart forming a rectangle pattern. The support is found at $96.00 and the resistance at $124.00. A close above $127.00 will confirm the pattern's breakout, with a target price of $152.00. A close below $90.20 will confirm the pattern's breakout, with a price target of...
On its way down, Brent got stuck at the support line at $97.56. However, we expect it to struggle through and to make it into the blue zone between $94.50 and $89.73, where it should finish wave 5 in blue and wave a in turquoise. Then, Brent should move upwards, crossing even the resistance at $107.64, above which it should complete wave b in turquoise....
Despite concerns about a potential recession, oil prices were still around $114 a barrel today as supply concerns outweighed concerns about a potential decline in demand. In the latest developments, workers in Norway went on strike, which is expected to cut the country's oil production by around 130,000 barrels a day. Despite the global economic recovery, oil...
Brent Crude is around $111.36, as investors grew concerned about a potential global recession and the tight supply of crude. Data from the Organization of the Petroleum Exporting OPEC Countries showed that its output fell by about 100,000 barrels per day in June. Libya's oil exports have dropped to between 365 and 409 thousand barrels per day, which is about 865...
Hi fellow traders, Brent crude oil is completing the flag correction in WXY formation. We can look for downside from here. Target 90 area. Goodluck!