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I expect the start of price growth BRENT in the framework of the impulse wave C.
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BRENT OIL 4H CHART OUTLOOK: BULLISH
TAKING LONG POSITION MAKES SENSE 2 ME.
PLEASE USE PROPER RISK AND MARGIN MANAGEMENT.
THIS IS NOT AN INVESTING ADVICE, JUST MY THOUGHTS.
GOOD LUCK TO EVERYONE.
USDBRO reversed off its resistance at 64.35 where it could potentially drop further to 62.82.
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Brent Crude Oil does not seem to have the support it needs to make the push higher up from the 4H chart. MACD 8H is making lower lows as well.
As long as the 4H 50 EMA holds strong as resistance, the move further down is active.
First TP is at Fib Extension 1 which is 64. If prices still aren't able to find support at that price, then sell further till 1.618 (62)
Midterm forecast:
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
Technical analysis:
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The...
Midterm forecast:
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
Technical analysis:
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The...
Brent Crude Oil (BCOUSD) is tesing major resistance at 66.64 (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push price back down to 64.31 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 98% where a corresponding reaction...
Indeed, I was expecting a surprise, but not from OPEC. It looks like the market does not buy that much the idea of "Fed rising rates".On the other side, this rally is based primary on expectations,but not fundamental change in driving factors. The fact that the rally is based on expectations makes me thing of an impulse wave. Although I am not e frequent user,it...
Brent's failure to sustain above $48.34 (50% of May 2015 high-Jan 2016 low), especially if preceded by a rejection at rising trend line (red) would open doors for a slide to $46.90 (rising trend line - blue).
On the higher side, only a day end closing above falling trend line resistance would signal oil has made a short-term bottom and thus could yield a rise to...
