Support – 1.4330, 1.43, 1.4236 Resistance – 1.4423, 1.4484-1.4509, 1.4551 Last week’s red candle marked another failure to hold above 1.4629 (23.6% of 1.7193-1.3836). Over the last six weeks, the pair has repeatedly run into offers above 1.4629 levels, leading to a weekly closing below the same. Similar thing was witnessed in Jan 2016 when the pair ran...
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...
I have plotted a Cypher pattern from post-Doha Debacle low. Leg D appears to have been set in motion, but I would love to see prices break below $48.34 (50% of May 2015 high - Jan 2015 low) as that would add credence to the possible drop to Leg D of Cypher seen at $42.75 Bullish move would gather pace again only if prices see a day end closing above $50.83.
OPEC meeting has ended without a deal..but the deal wasn't expected in the first place. Anyways, the hourly chart now shows US oil could be forming a head and shoulder formation with neckline support at $47.85. Its appearing at the top of the recent rally, Plus we also see Cypher Leg D in progress. Thus, sharp losses could be seen if prices dip below neckline...
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.
After reaching 50, as expected some sideways action. sold the 52c around 1.05 around 2 weeks ago. I am neutral, because this looks like a correction of the prevailing uptrend as indicated in the dark red trendchannel. Downside support are the blue trend line at around 48.20 and the 20 day MA or middle BBand. Further on the downside we are looking at the...
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...
Good opportunity to sell some upside calls or call spread, above 1.60 strike for sideways or correction lower IMHO Targets on downside middle BBands and lower trend line (orange). (Time frame next 5-10 trading days)
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...
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,...
Prices could be heading lower to $44.35 in the next few days, which is 78.6% level (Leg D) from where a rebound is expected (Potential Reversal Zone). Note the RSI is heading lower from oversold region and last week we had talked about a bearish price RSI divergence on 4-hour chart. Both techniques appear in sync now.. and pointing to weakness ahead.
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...
Prices hit a high of $49.14 before trimming gains to trade around $48.80 levels. 4-hour chart shows a bearish price RSI divergence. Also note, futures show a gap up opening today. The gap is between $48.22 and $48.82 levels. In the light of bearish price RSI divergence, prices appear likely to fill the gap ahead of NY closing. On a larger...
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...