Showing a clear retest of previous support, Oil has shown consistent lower lows
Brent’s minor recovery was thwarted by $47.44 (23.6% of Feb low and Oct high) following which prices retreated to $46.74 levels. Oversold conditions on the intraday time frame could lead to short-term loss of momentum and yield sideways actions. However, on a larger scheme of things, prices look set to test 200-DMA level of $45.16.
Brent prices have re-entered falling channel as expected in the morning update. The current 4-hour candle if closes back inside the falling channel would signal The recovery from the low of $49.35 has ended. The subsequent moves lower could breach support at $49.35 and take prices down to $48.40-48.00 levels. On the higher side, only a daily close above...
Brent Crude Oil 4H Support:49.00 - 48,60 This is not investment advice
On the 4-hour chart, we saw a bullish break from the falling channel on Friday. However, the subsequent move has been anything but encouraging… prices failed to capitalize on the bullish break and are currently trading flat around $50.50/barrel. OPEC fails to nail deal OPEC failed to reach an agreement after hours of talks on Friday, amid objections by Iran,...
Oil has been in a downtrend for the last 2 years and it looks like it has bottomed out. I see a reversal in form of a Head&Shoulders pattern. In expect the price to break the neckline in upcoming weeks. Will be looking for longs after the break and the test of the broken neckline. The target price is at about 70$ Setup will be invalidated in the case price...
Despite Brent’s recovery from the low of $49.63 to $50.64, the outlook remains bullish given the falling channel is intact on the 4-hr chart. The rejection at 5-DMA of $50.80 followed by a break below $50.20 (Oct 25 low) would open doors for a test of falling channel support. Bearish invalidation is seen only if prices breach falling channel on the higher side.
DOUBLE HEAD AND A STRONG RESISTANCE ZONE THERE IT SHOWS CLEARLY A DOWN MOVEMENT FOLLOWING THE BIG DOWN TREND THAT HAS STARTED LONG TIME AGO SO SHORT GOT TP @ 45.00 AND LONG TP @ 39.00
Brent’s retreat from Friday’s high of $52.53 followed by a retreat to $51.80 amid bearish 5-DMA and 10-DMA crossover if followed by a break below $51.68 (23.6% of 45.12-53.71) would signal a top is in place at $53.71 and could yield a move lower to 38.2% Fibo level of $50.43. Bears need to watch out for a rebound from $51.68 and a break above $51.99 as that...
Despite the retreat in oil prices from $53.71 (Oct 10 high) to $51.40 in Asian session today, it is too early to call a top…more so because the short-term moving averages – 5-DMA and 10-DMA – are still sloping upwards and hence fresh demand could be seen around the critical support level of $51.19 (Aug 19 high). A rebound from $51.19 followed by a break above...
Cure oil upside is very limited. Resistance is at $55. If it doesn't breach in a week or 2, we can go short on Brent.
Perfect Butterfly pattern , RSI overbought, downmove expected
Brent’s failure to sustain above $51.19 (Aug 19 high) after having failed near the same on Monday suggests the bullish momentum has run out of steam. When viewed in light of the falling monthly 50-MA around $50.70, it suggests the prices could head lower to $49.68 (Sep 9 high). On the higher side, only a daily close above $51.19 would suggest continuation of...
The bearish divergence noted on the hourly chart if followed by a breach of rising trend line support around $50.50 could yield a much deeper retracement to $49.60 levels. On the higher side, traders should watch out for a break above $51.11 as such a move could yield a rally to $52.00, although caution is advised since weekly 100-MA at $50.70 is sloping downwards.
As anticipated in the London open update , Brent prices extended gains to weekly 100-MA and failed to take out the same. Prices are back below $50.00 handle and this suggests the rally since last week's low of $45.67 has run out of steam and we could see sideways to negative action for next few days. On the downside, $48.53 (Aug 23 low) is a strong support,...
Brent’s sharp rise from the low of $45.67 (symmetrical triangle support) last week followed by a weekly close at $50.00 indicates the prices are likely to extend gains this week and test weekly 100-MA level of $50.79 levels. However, we are unlikely to see a bullish break (weekly close) from symmetrical triangle since the weekly 100-MA is still sloping downwards....
Hello, Based on graphics, here's a fresh, simple short-/mid-term analysis on Brent Oil . 1st target: Brent at USD 66/barrel (+32% if compared to October 1st quotation) 2nd target: Brent at USD 80/barrel (+60% if compared to October 1st quotation) Note 1: Weekly-based Note 2: Inverse Head-and-Shoulders Note 3: maybe there will be consolidation between USD...