Take care & analyzed it again - it`s always your decission ... (for a bigger picture zoom the chart) Best regards Aaron
The big picture is still looking pretty bullish Based on daily charts , an outbreak above 54 is only a question of time - this month or even january`17 ... But the short term makes me afraid last 24 hours and even suggests me price pressure even unbtil 48 USD ?! How ever the short-tmer chart is pretty bearish even under 52.500 BCOUSD Why ??? Let me shortly...
Between 54.015 & 53.800 and between 53.800 & 50.800 the big picture is still bullish ... Start of last week we got a good news from the OPEC - as the price rocked Up (from 53.130 until 55.501). Suitable in this context is maybe the technical fact, that while the 2nd half of the week, traders traded BCOUSD in a trend-reversal-formation (something like a w wave)....
USOIL formed am Ascending Triangle that targets 65. Buy on breakout or the pullback. Cheers!
OPEC reached an agreement in the weekend, which should imply a price move upwards. Still though my current wave count suggest another move downwards to point E of the ascending triangle in the corrective wave B of one larger degree. Further we should get a bigger corrective wave C up to around 60, which is the end of wave 4 where most corrections tend to...
1. Lots of deep corrections in this range. Gonna have to break to the up/down side to confirm the next trend. 2. Uncertainty reflected in the price
temporarly high in June`16 around 52 temporarly high in August`16 around 51 temporarly high in October `16 around 53 First target should 54 $ in BCOUSD - throughtout December 2016. And in the 1st Quarter 2017 we could see prices above 60 ?! Not only OPEC Policy support maeks me bullish also technical turnaround around 46 $ - with 100 SMA & 200 SMA supprt...
With being sure Oil was going to continue its way down on price, OPEC hit us with a curve and decided to change things up... Announcing the decrease in production by 1.3 million barrels a day, we have seen the price for Crude and Brent Oil skyrocket. Now, we have price hitting a heavy resistance level... Will this recent chance in oil production be enough to...
Short Crude Oil Below Key Resistance for a Gap Close
Brent oil staged a solid rebound from the weekly 50-MA level of $43.76 and boasts of a inverse head and shoulder formation on the 4-hour chart with a neckline resistance seen sloping to $48.00 over the next week. A bullish break would open doors for breach of the psychological level of $50. On the other hand, only a weekly close below weekly 50-MA would signal...
Double top and strong resistance pave way for sell.
Brent’s failure to hold above the falling trend line hurdle (red) would suggest the recovery from the low of $43.55 has run out of steam and the prices could revisit $45.00-44.80 levels, under which the recent low of $43.55 stands exposed. Fresh buying is likely only if the 4-hour candle closes above the falling trendline.
Continuation from previous post, and adopting @pipizer feedback in the comments: 1. The past few days has saw a drop in the price mainly due to reports on OPEC output in October reached an all-time high. This lead to a further decrease which finally complete the Cypher Pattern. 2. A reversal candle (hammer) was formed the following day (14 Nov) with a long tail...
Brent’s bearish break below the rising trend line as seen on the weekly chart and a bearish follow through this week suggests bears remain in control and prices could test August low of $41.54. However, caution is advised as the weekly 50-MA is bottoming out, hence buying interest could be seen anywhere below the weekly 50-MA level of $43.69.
My first trading idea, here to learn from the experts, please give feedback on this idea. Several Signals I have identified: 1. Cypher Pattern has confirmed potential reversal zone 2. A support level at 45.48 area is forming 3. Still in an long term upward trend 4. Catalyst moving it up would rely on upcoming OPEC deal on production cut What to do now? Wait for...
Brent’s sharp recovery from $44.38 followed by a daily close well above 200-DMA (which is sloping upwards) coupled with a bullish price RSI divergence on the 4-hour and the breach of the falling trend line on the RSI suggests the technical recovery is likely to be extended to $47.94 (38.2% of 53.71-44.38). On the lower side, only a daily close below 200-DMA...
Oil’s recovery from the low of $44.38 amid the daily MACD showing loss of bearish momentum suggests the bearish move may have run out of steam and the prices could rebound from 200-DMA of $45.39 and move to $46.58 (23.6% of the recent drop). Only a daily close below $44.38 would suggest continuation of the recent downtrend.