Falling wedge Bullish Pattern Forming for $RUSS
Looks like multi-year downside correction is over. Target for wave C = 1259-1437 (1.272-1.618 of wave A).
Look forward for further upside movement as a result of the 3050-3100 triangle wedge climbing. By this way the price could reach 4400-4500 levels before spring, 2018. Based on my last idea even 85-87 levels in USDRUB were good to keep Long hedged by Long in UKOIL from $25-27.
Tomorrow, members of OPEC will meet in Vienna, and it is unlikely there will be any policy shifts. Despite the dire straits some OPEC members are in, such as Venezuela, the current crude production policy will likely remain until Iran and Russia agree to some sort of production resolution. MacroView has been overly bearish since June 2014 but indicating that the...
Sell Signal via Bollinger Bands, closing in the bottom channel. (Sell Signal). KST and Coppock are reversing and are pointing down. CMF is flowing out.
Following the recent oil rally, the Russian equity index has also rallied about 30%. However, this - like the oil rally and the Petrobras rally I posted about - is unsustainable. See my post attached here for why the oil rally is unsustainable. Why is RTS unsustainable? Firstly, it is likely to follow oil's possible move down. Secondly, Russia is still in...
Movement trends We will soon begin digging))))
FXMM continues growth after breaking 1220 resistance. It is building a bullish 5-wave pattern unless it breaks below broken resistance point (dotted red). The bullish momentum can mark the start of the new uptrend that can last for several years and most likely complete wave 5 at 1.618 fib level(1301.09). A bullish breakout above this level could see wave 6,7,8,9...
After the production agreement between Russia and Saudi Arabia, it is possible that the imbalance between supply and demand decreases and even set aside in coming months. Based on this statement and Fibonnaci retracemen of previous days rally, while the pet'roleo is over USD28 is likely to advance to USD38 .
Brent crude has been able to rally on little volume during the U.S. banking holiday and rumors surrounding a potential unified OPEC production cut, issued by the UAE energy minister just as WTI was carving out a 12 year low (and in the middle of the night, local time, no less.) Four days later, there has been no new reports of said production cut proposal, but...
Crude started the new year with volatility, as prices initially rebounded into price resistance near $38/bbl on geopolitical tensions between Iran and Saudi Arabia. However, the rally was short-lived and there looks to be no follow through in today's session. There are a few key factors to take into account: slow global growth, a decline in global demand growth...