1. Nice Structure level
2. 618 Retracement
3. Top of Channel
4. Monthly Fib R3
5. Daily Bearish Engulfing
Don't expect a full reversal for now, but a move down to the 50% with structure confluence is looking probable.
wrong past decisions including lack of supply and trade agreements on a line walk i would consider this setup to apply based on market conditions with bad politics to fuel brent more towards an uptrend. global demand will always rise but supply has lowered because the cost of production grows as its harder to get the deeper they try to get it from. this is not...
Purely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC).
Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave),...
Update on this idea >
Oil hit 1:1 extension (measured move) and strong resistance, possibly completing a correction to the fall from $76,88 to $42,40. Could now start the post correction impulse waves.
Weekly candle looks like a bearish pin bar and possible bearish divergence on...
Open Sell order 69,77
TP1 - 68.79
TP2 - 66.59
TP3 - 66.20
RRR - 1:6.33
Last idea - was closed to protect profit. Now i make reversal order and waiting to go to south. Good profit for all us :)
We are basically exactly where we were at in October 2018. About the same things for US equities. But why the divergence with US equities outperforming oil? Look what happened last time stocks become too zealous in January 2018. Correction downward to a near parity in percentage gains. Either stocks are going to readjust or oil is just going to go crazy in the...
Oil edged up earlier in the week on the news that Saudi Arabia is focused on cutting output and petroleum-rated assets rose across the board in spite of the fact that a report came out asserting the Russian's weren't cutting as much as they previously suggested. Breaking the upward risking wedge is a really bullish sign as rising wedges tent to be reversal...
OIL HAS RECOVERED ABOUT THE HALF OF THE DESCENT STARTED IN OCTOBER AND FINISHED IN JANUARY. WE ARE ON A VERY IMPORTANT STRUCTURE AS YOU SEE THE GRAPHIC. PERSONALLY I ARE LOOKING FOR ENTRIES TO SELL WITH STOP LOSS WITH CLOSING OVER 71 DOLLARS,
I THINK THE BRENT CAN MISS A 4-5 DOLLARS IN THE NEXT MONTH.
GOOD TRADING AT ALL
Technicals show that we are due for a bit of a pullback with oil. However, US growth is still strong and may be able to keep demand up while OPEC tries to cut down on supply. For more financial analysis and charts, check out www.anthonylaurence.wordpress.com