It can be seen from the chart above, that the price of Brent (UKOIL) at 48.40 has touched the Fibonacci retracement at the 61.8% level (Fib 2 left) and there is a big possibility of a downward movement with the first target at 46.66 at the 161.8% Fibonacci retracement level (Fib 2 right), and continued with the second target at the price of 45.57 at the level...
The oil markets have been seeing the light as of late. Oil prices have reached an eight-month high, with WTI and Brent Crude trading around $45 and $48. This is from the recent positive vaccine news, alongside better than expected EIA data and geopolitical supply-side tensions.
Oil supply and demand fundamentals are getting brighter
Peter McNally, global head...
We have a sell set up for the USD/NOK as higher oil prices support the commodity-linked Norwegian Krone.
We look at entry price, stop loss strategies using volatility analysis.
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on DAILY: USOIL is sitting around a strong resistance in blue so we will be looking for sell setups on lower timeframes.
on H1: USOIL formed a valid trendline in red
Trigger: Waiting for a momentum candle close below the gray area to sell.
NB: If a new blue dot is formed...
I HIGHLY RECOMMANDE TO SHORT USDBRO BECAUSE WE SEE HERE THAT THE PRICE IS BELOW THE VWAP AND MAKING A BEARISH RETRECEMENT SO THE PRICE IS GOOD TO SHORT TARGET : 41.54 / RISK : 43.20.
since the idea is based on 15mn time frame, this idea is available only for one day.
let's see if the market will give me reason today
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Here is the top-down analysis for BRENT OIL, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
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Here is the top-down analysis for CRUDE OIL, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
Update on previous idea >
Nearing the 0.5 retracement level which coincides nicely with the 1.414 extension, could be nearing the end of wave Y of B, unless this gets more complicated (WXYXZ)
