Brent Crude Oil Forecast 🛢️ TVC:UKOIL
Recent sessions saw a surge in Brent crude futures, hitting the top of a descending channel and undergoing huge correction currently. This paves the way for potential fall from 82.00 to 80 then 79.
The bearish trend remains strong as price got rejected from the 100-day moving average (4H timeframe). A break above 83 could...
👁️🗨️Crude Oil's trend is still bullish despite a drop in the broader market that is pulling oil along with almost everything else down with it.
While weak demand is ramping up storage fears (fears should have been quelled by the OPEC+ deal to cut production, but doubts over compliance linger) the overall trend for oil along with the OPEC+ deal itself is still...
I think UK oil has more room to the downside going long term as price is still in a very bearish channel.
Disclaimer: This is only an idea and should not be taken as a trading signal.
Crude Looks Bearish
50.55 Level will be an important level for Crude Since it is 78.6% retracenent
from 5th February low till 20th February High
Once It breaks Further downside Can be seen
42.50 Is previous Swing Low which can act as a support
40.00 can act as a round figure psychological Support Completing the ABCD formation on the bearish Side
Do...
