Hello friends! If you agree with this idea, please give me a like and a follow. It will be greatly appreciated and will allow me to continue posting quality content. My idea for Brent Crude is a LONG position. This is based on technical analysis, however the fundamentals are a little bit unclear for the time being. The Brent price per barrel has bounced off the...
Hello friends! If you agree with this idea, please give me a like and a follow so that I can continue posting quality content! The Brent Oil price per barrel has bounced off the support line at $71.20. This has been a particularly strong line of influence this year - with the price touching it 4 times. The red line is my Stop Loss. Good luck! Use risk...
Looks like a triangle is forming which could mean a wave 4 with wave 5 to follow to complete a larger full set of 5 waves around the 6100 area, then a correction. If its not a triangle and breaks upwards it could mean the 5th wave (yellow V) is completed already at 6118.
may be dealing with fifth wave expanding diagonal... so buy at lower green trend line
The introduction of US sanctions on Iran has been a "sell the fact" event. Brent crude has broken a long term rising trendline = bearish Scenario A) price bounces to 74.30-75.10, which holds as resistance for another leg lower towards 71 Scenario B) price just drops from current levels to 71
Criteria for Trade : 1) Swing failure pattern H4- check 2)RSI- Oversold - check 3)Keltner- Lower boundary Outside of 2 ATR - check. Perfect setup according to trading rules.
Price has stalled at the 61.8 Fib level, where there is some market structure. IF price should begin to retrace, I will be watching the $78.70 level for a retest, and then continuation of the bear trend. Targets are whatever the previous low is, with 2nd targets at the $70.30 level which has several confluence factors.
Brent crude is in a longer term uptrend - but is on the cusp of a big negative week- perhaps implying more downside to the correction Scenario A) Await clearer signs of a base for price to hold above 80 Scenario B) Look for fresh sell signals below 82.5
Ahead of todays Crude inventories, oil has climbed back into our pivot point box and is looking like it has some potential drive in it. The path of least resistance is certainly to the downside , however with sanctions on Iran not far away it looks like we might have an attempted breakout. My idea here would be to long a retracement on a breakout pending todays...
A slightly wild variation to this long term bullish theory on Crude Oil This idea is a bit wild but there are similarities between 2007/08 and 2017/18, explained below in screenshots. 2007/08: There was 3 months of sideways price action from November 2007 until January 2008, followed by a large rise in price that then corrected to the 0.5 Fibonnaci level. As...
Update to this idea > Since 7130 broke the regular impulsive waves are now invalid (wave 4 crossing wave 1) but I think theres a chance that an ending diagonal could play out. There is also potentially bullish hidden divergence on the MACD histogram; price can drop all the way down to the last swing low around 67 and this hidden divergence can still be valid.
I'm doing some observations on using fibonacci pivot as the only Support & Resistance to trade with candle stick. This is what I can see: Red = monthly pivots Blue = weekly pivots Black = daily pivots It seems quite reliable . Does anyone knows the real correlation of fibonacci pivots with Crude Oil? What about correlation of Crude Oil with other types of...
Midterm forecast: While the price is below the resistance 82.00, beginning of downtrend is expected. We make sure when the support at 70.30 breaks. If the resistance at 82.00 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 70.35 on 2018-01-15 and the peak...