Resistance - $50.83, $51.40, $52.42 Support - $49.73, $49.08, $48.58 Brent finds itself stuck in a rising channel of sorts with a minor head and shoulder inside it (neckline support at $48.58). The bearish price-RSI divergence seen on the above 4-hour chart, coupled with repeated failure to hold above $50.00 indicates prices may see a bearish break...
Support - $49.89, $49.00, $48.60 Resistance - $50.27, $50.48, $50.83 Cypher pattern on Brent daily chart can be viewed here - Brent oil - Cypher pattern with Leg D in progress Hourly chart also shows head and shoulder formation is under progress with neckline support at $48.60. Brent’s break below daily low of $49.89 followed by a violation at...
Daily chart shows Leg D of the Cypher pattern may have resumed. Leg D which is 78.6% of XA leg is seen at $40.28 levels. Note we also have a strong support of rising trend line (black). Daily RSI is threatening to breach its rising trend line as well. Cypher invalidation is seen only if prices see a day end closing above $5.18 levels.
Kindly check the OPEC preview and important technical levels in the post here Prices are currently trading around $49.70/barrel. Going purely on the basis of technical charts, continuation of the rally would require a clear break above $50.83 (latest cyclical high) on day end closing basis. On the other hand, a break below $48.34 (50% of May 2015 high – Jan...
Brent prices are retreating as expected in the European morning update. Caution ahead of OPEC meeting is a likely reason for the drop today. The even in itself is likely to be a dud. If anything is a question for OPEC as a whole and especially for Saudi whether to allow markets to rebalance themselves (as they are doing now) or accelerate the process of...
Resistance - $49.81, $51.12, $53.35 Support - $49.11, $48.34, $47.36 Brent’s failure near rising wedge resistance yesterday followed by a negative closing led to formation of inverted bearish hammer at a time when daily RSI is turning lower from overbought territory. Consequently, technical correction could gather steam especially if prices see a...
Resistance - $50.49, $51.00, $53.36 Support - $49.69, $48.36, $47.56 Brent’s sharp recovery from sub-$49 levels in last two trading days if followed by a break above $50.49 (May 26 high) would open doors for a test of rising wedge resistance at $51.00 levels. A day end closing above $51.00 would signal continuation of rally and a possible test of...
Resistance - $50.00, $50.485, $50.89 Support - $48.89, $48.34, $47.57 Brent retreated from yesterday’s high of $50.485 to trade around $49.20 levels in Asia today. The inverted hammer candle seen on the daily chart has kept the “rising tops on price…falling tops on RSI” formation intact. Consequently, bulls need to observe caution and be...
Please see annotated chart for details.
Resistance - $50.89, $52.55, $53.36 Support - $49.68, $49.00, $48.34 Brent oil rose to $50.00 as anticipated in the morning outlook yesterday. Prices now appear heading towards $50.89 (resistance of trend line drawn from Apr 5 low-Apr 18 low). Prospects of such a move are high, given the move above previous high of $49.81 has negated the bearish...
Resistance - $49.81-$50.00, $50.89, $52.55 Support - $48.34, $47.69, $47.00 Brent’s rebound from monthly 5-MA followed by recovery above 48.34 (50% of May 2015 high-Jan 2015 low) and a subsequent break above $48.63 (monthly high till yesterday) indicates bulls have regained control and prices could be heading towards $50.00 levels. On the lower side,...
Resistance – 48.26, 49.10, 49.81 Support – 47.36, 46.74, 46.16 Brent’s bearish price RSI divergence seen on the daily chart is likely to keep bulls at the bay so long as prices do not see a day end closing above $49.81. This coupled with rejection at 5-DMA and 10-DMA in Asia risks sending prices lower to support at $47.36, under which losses could be...
Resistance - $48.80, $49.81-50, $52.00 Support - $47.72, $47.36, $46.74 Brent’s bearish price RSI divergence on the daily chart, followed by a bearish crossover between hourly 50-SMA and 100-SMA is likely to keep the prices under pressure. However, bears need to watch out for a rebound from $48.26 followed by a recovery above key hurdle of $48.80 as...
Resistance - $49.40, $50.00, $50.98 Support - $48.86, $48.26, $47.69 Brent’s rebound from daily 10-MA level ($47.36) yesterday followed by a day end closing above $48.26 has kept hopes alive for break above recent high of $49.81. However, bearish price RSI divergence would be nullified only in case of a day end closing above $49.81. Hence, there...
Brent oil is losing ground as expected earlier today .... courtesy of which the weekly candle is now a Gravestone Doji. Losses are likely to be extended to weekly 5-MA level of $46.63 levels.
A look at the hourly chart shows rising trend line has been breached and higher highs formation on the price is accompanied by lower highs on RSI indicating a bearish divergence. The American Petroleum Institute reported that U.S. crude supplies fell by 1.1 million barrels for the week ended May 13. Markets were expecting a decline of 3 million barrels. Traders...
Hourly chart pattern - bearish price RSI divergence Resistance - $50.00, $50.89, $52.00 Support - $47.79, $46.80, $45.32 Brent appears poised to test psychological level of $50.00 if prices confirm a close above $49.38 on hourly chart. Moreover, such a closing would negate the bearish price RSI divergence on the hourly chart. Failure to do so could...
Chart is pretty self explanatory, -RSI oversold -0.5 fib -STRONG horizontal resistance!