As we know oil run on Opec Oil Production Cut and Freeze. but now Technically oil can take little Correction till 46-46.5 for fresh move. also we can see above 48 oil formed strong bearish bar on H4
So advice sell in range of 47.5-48 with sl above 48.5 for tp 46.5
Bearish divergence here at FIB 0,5 = 47,6 now , could it make it turn down again ? It maybe depends on USD also, if it will turn back up again, after FED's no rate-hike 21.sept.....
PRICE WILL BOUNCE BACK FROM THE 45.60 LEVEL AND WILL CONTINUE TO RETEST THE 46.72 LEVEL.
PRICE WILL FALL AT THE 46.72 LEVEL OR THE 45.40 LEVEL.
ENTER TRADE WHEN PRICE BREAKS THE TREND LINE AND FALLS BELOW 45.30 LEVEL.
STOP LOSS SHOULD BE NO MORE THAN 10 PIPS FOR EACH TRADE.
PROFIT TARGET IS 44.30 AREA.
Brent crude looking like it is about to retest based upon the breakout we saw earlier in the week. I will be looking at the price action around the $47 handle to see whether we have tall wicks and other signs that prices are unlikely to hold above this level. Target will be $41.50.
Oil Seems its done its top around 49 Level its Seems Strong Resistance level.
It can Retrace till 0.786 level that is around 47.1 and if hold below that then 0.618 around 45.5 will also on way.
Advice Sell oil cmp 48.2 and set pending at 48.9 both sl 49.5 where tp1 47.1 tp2 45.5
USOIL Daily chart is at a critical point as it reaches the 61.8% Fib retracement of the correction so far. The important thing to note is if the WXY correction is complete and if bullish momentum dies at the trendline, we might get the Z wave. On the other hand if price breaks out of the corrective structure with conviction, then it will be a bullish impulse. Of...
Test monthly resistance level.
50% retracement.
4hr high test candle.
If we get a bearish close on the next 4hr candle this will be taken short. Targets are at 50% and 61.8% of previous swing.
I think that wti short term down trend can resume soon with a reversal in the area of the rectangle in the chart (end of wave 4). Thus maybe wave 5 can complete the down cycle at about 36 (or above too, but at least 39 to a double min) before the main up trend can resume its way to the upside.
Oil trading at 48 didnot hold above 49 now we can see it 46-46.5 level.
sell oil cmp 48 next set as pending order 48.8 both trade sl 49.5 TP 46.5
if trade 50 pips green move sl at cost
