Pattern – Symmetrical Triangle inside falling channel Oil finds itself in a small symmetrical triangle formation with resistance at $47.73 and support at $46.56. A break on the lower side on daily closing basis would expose falling channel support seen at $45.40 levels. On the other hand, a bullish daily closing could yield a move to $48.44 (July...
Brent’s rebound from 5-DMA if followed by a break above the daily high of $47.89 levels following a breach of a smaller falling trend line hurdle on Friday would open doors for $49.00/barrel (50-DMA). On the other hand, a failure to extend gains above the daily high of $47.89 would suggest a retreat to $47.00. A violation there could a test of $46.67 (June 27 low).
Brent's retreat from Tuesday's high kept the minor falling top formation on the daily chart intact, thus keeping doors open for a re-test of falling wedge support. Failure in Asia to to extend gains above 5-dMA followed by a fall back below hourly 50-MA suggests prices may be on the way to $45.50 (wedge support). On the higher side, only a day end closing...
Brent's retreat on Wednesday accompanied by a comparatively higher volumes suggests the Tuesday's rise was nothing more than short covering and the prices could extend the retreat to falling wedge support at around $45.60. The repeated failure to take out 5-DMA since Asia adds credence to the bearish view. On the higher side, only a day end closing above $48.21...
The daily chart clearly shows all three rising trend line have been breached and prices are now moving in a falling wedge formation. Tuesday's move a trap? We had almost 5% gain yesterday mainly driven by bullish comments by the OPEC in its monthly report. Volume chart says the major part of the gains were due to profit taking on shorts. Volumes on...
Brent’s sharp rally on Tuesday, though a welcome news, needs to gain credence via another bullish daily closing preferably above the rising trend line hurdle (blue), in which case it would suggest bearish invalidation and that a short-term bottom is in place at $45.88/barrel. A bullish daily closing today above rising trend line (blue) could yield a test of...
Brent's failure to move back inside the sideways channel (blue dotted line) followed by a break below the daily low after Monday's bearish breakout from sideways channel would result in sharp losses to $44.94 (100-DMA) levels. On the higher side, a violation at $46.75 (23.6% of Jan low - June high) on the daily closing basis could yield $48.34 (50% of May 2015...
Resistance - $46.75, $47.39, $48.34 Support - $46.32-46.13, $44.81, $44.17 Brent’s repeated failure to remain below channel support if followed by a break above $46.75 (23.6% of Jan low – June high) would open doors for $48.34 (50% of May 2015 high – Jan 2016 low). Such a move on day end closing basis would suggest a short-term bottom is in place at...
Resistance - $46.75, $47.56, $48.34 Support - $46.13, $44.66, $43.32-42.99 Brent’s breach of all three rising trend lines on daily closing basis followed by a day end closing below $46.75 (23.6% of Jan low – June high) suggests the short-term tide has turned in favor of bears and prices could be heading towards 38.2% Fibo located at $42.99. The daily...
Gold’s retreat from yesterday’s high of $1375 in the wake of an overbought daily RSI followed by a failure to re-test the same despite bullish tone in Asia today indicates bulls may be dealing with exhaustion. Thus, a break below the Asian session low of $1362.52 would open doors for a corrective move to $1355-1336 levels. On the other hand, a break...
Brent’s sharp rebound from the low of $47.15 yesterday followed by a daily closing well above the rising trend line (blue) suggests the corrective move from the resistance level of $51 may have ended. A rebound from the 50-DMA level of $48.80 today if followed by a break above the daily high of $49.24 would add credence to previous day’s rally and open...
Resistance - $48.34, $48.73, $49.38 Support - $47.52, $46.75, $44.91 Oil’s failure to sustain below previous session low of $47.52 despite bearish break below rising trend line (blue) in Asia indicates prices could make an attempt at $48.34 (50% of May 2015 high – Jan 2016 low). a break higher would expose 50-DMA at $48.73-49.00 levels. On the other...
Brent’s retreat on Monday followed by a break below the rising trend line (red) today has opened doors for test of daily 50-MA of $48.63 levels. Moreover, the daily chart now has falling top formation in the place. This coupled with a daily closing below rising trend line (red) today would strengthen the bears. However, bears should watch out for a rebound and...
Resistance - $50.99-$51.22, $52.08, $52.83 Support - $50.27, $49.64, $49.15 Brent’s failure to sustain above $50.50 despite sharp rebound from rising trend line support on Friday would open doors for a cut through support at $50 and drop to $49.15 levels. On the higher side, break above $51.22 (June 22 high) would add credence to last week’s rebound...
Resistance - $50.99 (ysday’s high), $51.22 (June 22 high), $52.83 (recent high) Support - $49.93, $49.48 (hourly 200-MA), $48.61 Brent’s rebound from 5-DMA followed by a rebound from a hourly rising trend line support indicates prices could make another go at yesterday’s high of $50.99. Further gains need a day end closing above $50.99, in which case...
Resistance - $51.22 (June 22 high), $52.16, $52.83 Support - $50.11, $49.70, $49.22 Brent needs to close above falling trend line as such a move would add credence to the rebound from the Monday’s rising trend line support and open doors for a cut above recent high of $52.83. On the other hand, intraday failure to take out $51.22 if followed by a...
Support - $48.34 (50% of May 2015 high-Jan 2016 low + 50-DMA), $47.30, $46.75 Resistance - $49.05, $49.82, $50.30 Brent’s exhaustion near rising trend line (red) followed by a break below 5-DMA indicates prices could be heading towards confluence of support at $48.34 (% of May 2015 high-Jan 2016 low + 50-DMA). A violation there would expose rising...
Resistance - $48.34, $48.94-49.09, $49.81-50.00 Support - $47.45, $46.92, $46.16 Prices ticked higher in Asia as strike in Norway threatened to cut supply. As of now prices appear trapped between $48.34 (50% of May 2015 high – Jan 2016 low) and rising trend line support at $46.92 (trend line drawn from Jan low and Feb low). Exhaustion around $48.00...