WTI is going to set higher and fulfill a lower top in the long term chart. The momentum is going to cross below the zero level. Investors are doubting and the potential upside for the Bollinger Band indicator is null. The main indicator continues its declining path and suggests that a trend reversal is unrealistic. After completing the ABC Wave of the Elliot Wave,...
Brent continues the rebound towards the target at 47.95
BRENT- ADX / ADM -1.04% - TS 0.52% V. 2.8.4 - Intraday Levels for the 11/07/2017
ADM - Average Daily Movement - Intraday Levels
Close to closing time ... if exceeded the indicated level
On the CBU17 Contract - Sep '17
LONG if> 47.56
TP1 = 48.13
TP2 = 48.77
TP3 = 50.05
Stop Loss = 46.58
SHORT...
Brent continues the rebound towards the target at 47.95
BRENT- ADX / ADM - TS V. 2.8.4 - Intraday Levels for the 11/07/2017
ADM - Average Daily Movement - Intraday Levels
Close to closing time ... if exceeded the indicated level
On the CBU17 Contract - Sep '17
LONG if> 47.56
TP1 = 48.13
TP2 = 48.77
TP3 = 50.05
Stop Loss = 46.58
SHORT <46.58
TP1...
Multiple failure near/at resistance of $49.75 (Mar 22 low) seen over the three days (including today) if followed by a close below $48.99 (23.6% Fib Retracement of $56.62-$46.63) would open doors for a re-test of the recent low of $46.63.
On the higher side, two consecutive daily close above $49.75 would signal bearish invalidation.
A bearish bat pattern seems to be forming on Brent Crude Oil / USD on 1H TF. Pattern will be close to completion once point C is surpassed.
1.414 AB = CD lines up closely with 0.886 retracement of XA
Brent’s rejection at the rising trend line coming from Jan 2016 low and Nov 2016 low despite the surprise drawdown in the US inventories reported by the EIA in the North American session yesterday has opened doors for a sell-off to $49.75 (Mar 20 low).
A weekly close below $49.75 would add credence to the falling top formation, the breach of the rising trend...
Failure at the falling trend line hurdle last week followed by Friday’s close below the rising trend line (coming from Feb 2016 low and Nov 2016 low) signals the rally from the Feb 2016 low has ended and prices could test and possibly breach $49.75 (Mar 2017 low), in which case doors would be opened for $46.43 (38.2% of Feb 2016 low – 2017 high).
Only a weekly...
If we look at the oil chart for 30 years, we will see that we are in the phase of a long-term correction, the purpose of which is in the region of 11+. I present to your attention a possible scenario of the movement of the instrument.
