An update to this idea > The triangle appears to have broken out to the upside and if the sideways movement between 13th August high of 57,43$ and 3rd September low of 52,87$ was wave 2 then we could be in for a big move upwards towards 63,99$ (1.618 extension). Breaking the high at 58,79$ is critical to this theory.
Follow up on this idea on smaller timeframe > Since the bounce from 5482$ there appears to be another 5 waves up from that low to 5726$, hitting the .382 extension perfectly. May now see another mini correction before another new high. A break below 5481$ would invalidate this idea.
A theory that all this sideways trading since we hit the 5740$ high in mid August has been a complex correction to the move up from 5050$. C wave may have finished at 5280$ and if we completed 5 impulse waves up from that low to yesterdays high at 5770$ then we may see a correction before another move up and a new high.
Hello dear energy sector friends and USOIL traders, hope you're doing well guys! ;) Oil is now in a double Equilibrium range, both on the Daily & on the Weekly. I'm gonna walk you through how to play the break in either direction. Have fun watching! ;) If you had some value from my analysis, give it a thumbs-up & comment it, because the mechanism shows my...
Read my XAUUSD Fomo post. Basically my thoughts are the same. Just change XAUUSD to OIL.
Awaiting for the close to confirm this breakout. Of course this would be a trade. I am still of the opinion that a recession is coming (or we are already in one) and oil will struggle. Really only geopolitics can change that. However, on Brent crude, we had a downtrend and failed to make more lower lows. Indicating that the buyers were stepping in and the trend...
hello traders , expecting a 3 wave corrective move for UKOIL . big bullish move in 2020-2021. good luck.
There appears to be a perfect Harmonic Crab in crude oil. Could be a good trade with a stop loss below last weeks low.
Global markets started this week following new tarriffs and statements between US and China. President Trump wants to decrease import of goods from China and also mentioned that US should undertake necessary steps to replace Chinese products. At G7 summit Trump pointed out that new economic and trading partnership with EU will be put on place. Also President Trump...
If respite do not come for Brent Oil in terms of buyers to increase demand between 50 and 55.25, the black gold is likely to make a higher low at around 36 in a couple of months. Looking at the chart, it took Brent Oil about two and half years to rally from its low at 27.08 in January 2016 to its high at 86.72 during October 2018. Since after that, it has being on...
Brent can move further down beeing beyond resistance line
chart of wti is full of h&s patterns and this one is next maybe
ABC theory with C wave ending soon or near the .618 extension/.618 retracement level at $53,15
A follow up on previous ideas: My thinking is the triangle breaks out soon and that wave B (white) of Y (yellow) at the recent low at 505X is complete and ultimately head towards high $60's. Alternatively the triangle is traded a little longer with one more visit to the $50 area before breakout.
Brent oil is expected to make a pullback on H4 timeframe before making another uptrend to a 60.00 zone or to 65 level if this week crude oil inventory is well below the forecast .