Here on UK Oil we have a bat pattern and the PRZ is lined up beautifully with a major resistance level!
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Update on below idea: Oil now hit the .618 level and what could be an ABC completed...is oil on the brink of collapse?
Recently, there has been a lot of news about the fact that oil futures have recently doubled after the last fall, that JP Morgan has earned a couple of billions, and so on and so forth. It is a rumor that oil will fall again to $ 20 per barrel, I honestly do not really believe in this scenario, since oil is not only a trading product but has a certain influence...
Oil prices are likely to fluctuate on the floor and ceiling of Bollinger Bands and are forming a triangle pattern. Also, in the stochastic market indicator, the formation of the double bottom pattern can be seen, and it seems that the price will be well supported at this point.
To me it looks like oil is in the early stages of C or wave 3, in addition there appears to be a head & shoulder formation after price hit the 0.5 level. Oil could hit the 1:1 extension at $34,89 to complete a C wave and bounce up to a new high above $41,63, or push down much further to 1.618 extension at $32,12 to complete a wave 3 of deeper C.
Trading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . Brent is in a range bound and the beginning of downtrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic...
Trading suggestion: . There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . Brent is in a range bound and the beginning of downtrend is expected. .The price is above the 21-Day WEMA which acts as a dynamic...
Update on below idea: Thinking oil is correcting now but still in an impulsive move downward overall. If price gets above $39,46 then it would invalidate this theory.
Update on the below idea: Oil has hit the .236 extension but could push up to higher extensions...If this 5 wave theory is correct then there should be a large correction coming.
Small timeframe idea for oil. Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
on DAILY: CRUDE OIL is approaching a strong resistance in green so we will be looking for objective sell setups on lower timeframes. on M30: this one is forming a wedge pattern in red but it is not valid yet, so we are waiting for a third swing to form around our lower red trendline to consider it valid and enter on its break downward. we also have a regular...
Update on below idea; maybe wave 4 is finished now, or a still correcting, hard to say.
Hello Traders, This is a demonstration of why technical analysis works... OIL was on a clearly bullish accumulation pattern called Bullish Rectangle and we also can see a bull flag pattern. Now we are going to face a resistance zone Make yourself a simple and clean analysis. Please push the like button and follow us on Tradingview.
Brent is potentially forming a double top. It may drop to the support line 38.
BRENT - SHORT ENTRY PRICE - 42.60 SL - 45.50 TP1 - 36.80 TP2 - 31.20 TP3 - 24.40
Couple of theories in one chart on how oil might move in the coming days. Scenario 1 (white) - Correction is already completed at $34,58 and now in an impulsive move towards mid $40's; A break above $40,61 would look good for this theory. A break below $37,42 could play out scenario 2... Scenario 2 (orange) - A correction is still underway in WXY form, price...
Follow up on the below idea, possibly a slightly more complex correction under way