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CRUDE OIL is sitting around weekly resistance in red so we will be looking for sell setups on lower timeframes.
on H4: CRUDE OIL is forming a channel in red but the lower trendline is not valid yet, so we will be waiting for a third swing to form around it. (projection in...
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.
Brent Oil trading within the Apex we are soon to
get a breakout or breakdown .
As detailed on the chart we can see that the .75 Fib has been
a Strong support for Brent since December 2020 and is still respected .
With that said we have a measured move of around 15 percent for this to extend
its uptrend into the 80 dollar zone or retreat back to the 56...
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.
As it can be inferred from the chart, the bulls are still in control of Brent, and the growth should continue. We are expecting the price to drop till the area circled on the chart, from where the price is highly likely to keep growing and reach the key zone marked on the graphic.
Happy trading, everyone!
Idea for Oil:
- Oil seems to be setting up for an inflationary shock event in the longer timeframes.
- Understanding the trend of oil prices can help in market selection and portfolio construction.
- Oil has broken out of a falling wedge.
- There was a Wyckoff Spring from Hades as price went negative!
- However, lower highs, lower lows, and volatile sell-offs are...
The bull flag we identified is still in play BUT there is a potential double top developing that will be confirmed with a close below 60. However, we may get some sideways consolidation here, and a break above 70 will continue the original bullish thesis. In summary: Bullish >70 & Bearish <60
I hope you are well
This analysis is done on a daily basis and has long-term goals.
As you can see, Sharp has a rising price, but in the face of a gradual and slow decline. It is a downward trend. Finding a suitable point seems to allow us to make a good profit from the market. If buyers can break the trend line and the price of 8.38722 with strength, you...
Here on Brent Oil we have a bat pattern (much cleaner than West Texas) the Grey Box indicates some areas of confluence. the middle of the box is the .886 of the XA leg. the low side of the box is the 1.618 Fibo Extension of the ABC legs of the pattern and the top range of the box is 2.0 range of the BC leg. this area has proven on the left to be quite powerful...
USOIL respects uptrendline
Price is based on key level at 60.75
MACD shows weakness in bearish momentum
RSI reached oversold region
we r waiting price to break corrective downtrendline with bullish movement to open long trade
It's expected to target level 62.60