As posted by a fellow EW technician Aibek a little while ago on Brent, WTI looks to be forming an ending diagonal. The lower trendline has been hit and there is bullish divergence on 4H timeframe (the same divergence that kick started the move from $39 to mid $42) so the 5th and final wave could have already started. The 0.618 extension of wave 2/3 is at $43,07...
FUNDAMENTALS: Ever since the reverse stock split back in April of this year, this chart has become problematic in future price discovery. I have no skin in this, but I want to take on the oil markets as a challenge to myself to focus in on the global markets, and how political shenanigans play a factor in the price of oil. Just keep in mind what drove the prices...
Here I have laid out historical trend lines that prove previous support, and resistance prices. Using technical analysis to predict the future price of Brent Crude Oil is only one variable to the equation. I believe that the most important factor for future price discovery will be the global fundamentals. The United states of America is coming up on a presidential...
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Ascending triangle pattern (tightening volatility) suggests a breakout sooner rather than later
Good day trader, I hope you guys are having a great day and doing well in trading. Let's talk about USDCAD, on H4 chart, we can see that USDCAD is in a consolidation process. Price has not been able to break above 1.372 and couldn't break below 1.349 starting early of June 2020. Therefore, we will be looking closely at the price action right now, a break of...
on DAILY: CRUDE OIL is sitting around a strong resistance zone so we will be looking for objective sell setups on lower timeframes. on H4: CRUDE OIL is trading inside our red wedge pattern but the lower trendline is not valid yet so we are waiting for a third swing to form around our lower trendline to consider it our last swing and then enter on it break...
Midterm forecast: . While the price is below the resistance 44.55, beginning of downtrend is expected. . We make sure when the support at 36.95 breaks. . If the resistance at 44.55 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: . There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08...
Firstly, please support our work by clicking like button or following! These really assist us to reach more investors & traders like you! Energies spent a greater part of the week consolidating before collapsing on Thursday. Heading into next the outlook looks bullish as economic data from across the globe is picking up the space in the positive direction.
TVC:USOIL HELLO GUYS, please support my idea with LIKE if you agree with me!
Continuation ! The 2nd Variant: The 2nd variant in my point of view at the present moment consists of two variants. The 2nd variant of the course of events refers to as the notorious 4th wave can take as a simple correctional formation ABC, so as a variably complex formation ABCDE ( other variants are also possible and at the present moments it is very...
Update on below idea: Think an ABC completed at 1.618 ($41,15) in an ending diagonal and now nearing the start of wave 3. This idea is invalid above $41,13 and would start confirmation below $39,95
as you can see on my chart, the price of oil each time approaches the resistance level of $ 43.5, creating accumulation as part of an uptrend to go up with breaking through the resistance level, previously there was a double top option, but this double top turned into a more growing one picture, I expect a break through the level of $ 43.5 with an increase of up...
for now down trend and then probably up trend on pink circle
Hi traders we have a classic trend continuation trade here and the expectation is that the market will likely rally from this point to about the 127.0% or 141.0% Fibonacci extension. This is also a 123 strategy + middle line/61.8% reversal which I teach in my zoom trading classes so let's see if the market will give us the win.