Resistance - 47.99 – 48.26, 50.00, 52.55 Support – 46.97, 45.75, 44.16 Brent’s rally yesterday has pushed the hourly RSI into overbought territory at a time when prices are a few points away from $47.99 (23.6% Fibo of June 2014 high-Jan 2016 low). Hence, bulls need to observe caution as corrective move towards $47.00-46.50 cannot be ruled out. ...
Daily Chart Resistance – 46.27, 47.00, 48.34 Support – 44.87, 44.16, 42.40 Brent’s bullish move yesterday if followed by a break above weekly 50-MA hurdle of 45.56 could result in a rise to 46.27 (weekly high). Such a move looks possible if prices bounce-off daily 5-SMA support 44.86 levels. A break above 46.27 could see prices test supply...
Pattern - Rising trend line breached, Head and Shoulder breakout Brent's bearish break from rising trend line followed by a head and shoulder breakout ...and a failed attempt to rise above neckline today indicates prices could take out daily low of $43.30 and extend losses to $42.52 (Mar 18 high). On the contrary, an hourly closing above neckline level of...
negative head and shoulders in up trend sell if the neck line break with a good setup sell @44.21 TP1@40.0 tp2@ 37.16
Brent's retreat from daily highs along with bearish 5-SMA and 10-DMA crossover if followed by a break below daily low(also marking a failure to sustain above rising channel & trend line) may result in a sharp sell-off tomorrow and next week. On the other hand, daily close today back inside rising channel following a spinning top formation and possible golden...
Daily Chart pattern - Rising trend line intact Support - $45.05, $44.59, $44.27 Resistance - $46.16, $47.00, $48.34 Loss of bullish momentum as prices neared $48.34 (50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low) opened doors for a drop to rising trend line levels. Despite sharp drop seen yesterday and in early...
RunningAlpha dot com Capital Markets Intelligence High Priority Update for Monday, May 2nd, 2016 Although $39 and $36.50 remains baseline intermediate to long-term support for Light Crude Oil ( in reference to June Contract Pricing ), the recent advance upwards has opened the door for a further short covering rally upwards to $62 to $65, and perhaps $74 to $76...
Every line on the chart represents support or resistance. Vertical lines are time lines where trend may change. One can use this chart as trading map for next few months. This Gann square-3.00% chart can be used in standalone way or with other trading strategies like. Candle stick patterns, demand supply zones, Momentum indicators, Fibonacci ratios, trend...
Resistance - $48.34, $48.80, $50.31 Support - $47.31, $46.16, $44.90 Brent oil neared $48.34 today, which is the 50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low. Entire month, bears found themselves trapped on a wrong side of the trade. Oil simply shrugged off Doha debacle and repeated warnings of oversupply by analysts....
Brent’s move back above rising trend line if followed by a cut through offers around $46.16 could open doors for a rise to rising channel hurdle seen on daily chart at $47.80-48.00 levels next week. The recovery from the intraday low also marks failure to sustain below key level of $44.90 and adds credence to bullish momentum. Short-term bullish...
Brent clocked 5-month high of $46.10 and trades around the same in early Europe today. Markets ignored a record high weekly inventory buildup reported by US government and cheered IEA’s forecast of sharp drop in non-OPEC output in 2016 Formation – Rising channel Resistance – $46.47, $47.65, $47.97 Support – $44.90, $43.32, $42.51-42.27 Brent’s day end...
My attempt at Elliot wave on UKOIL (Brent)
UKOIL - Short Short @42,41 SL @41,62 TP1 @40,09 TP2 @39,09 All details on the graph. Good luck and profit, MikleKey
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