Update on this idea >
Looks like an ABC completed at the $63 high and now moving down it what appears to be a well defined channel.
If my current count is correct then the 1.618 extension is at $50,58 which could present a triple bottom to complete wave C of X(2), then upward to...
Crude Oil break out support line of the uptrend channel. We touch support zone.
After oil drop price start to recover.
I see 3 resistance level for oil.
1. 55.8$ - 38.2% level fibonacci
2. 59.94$ - 50% level fibonacci
3 64 - 61.8$ level fibonacci also resistance line
But global It look like impulse-correction-impulse
Crude Oil has found a support on the Equilibrium Zone of the Trading Range, again. This accumulation in the upper range seems like it will coming to an end. On the other hand, it needs to reclaim the Pivot first and then the Range High.
Please let me know if you have any suggestions or...
The Brent is trading in a range betwwen 57.38 and 66.95 so the resistance and supports will be a good entry point for buying or selling
S my strategy is to buy if we close above 59.54 and target 62.63 if we close below then short and target 57.38 easy
Support and resistance are converging for brent oil . In the coming days, it will be forced to break out either to the upside or downside. Subsequently, a strong trending phase could ensue. Following the volatility after the Saudi attack last month, brent oil retraced back to prior support around $57.40, as shown in the chart.
Support around this area comes not...
The Brent crude oil is currently trading in a triangle pattern.
Two scenarios are likely to occur during the following trading sessions.
First, the pair could aim for a resistance level formed by the 23.60% Fibonacci retracement level.
On the other hand, a resistance cluster at 63.81 could provide resistance for the commodity in the short term.
We had a break out on UK Oil here on the 4 hour chart. US Oil is at the breakout point:
Oil has been in a prolonged downtrend with lower highs and lower lows. We began basing at the 57.50 zone on Brent.
From here, we began to show exhaustion of the trend and it appears we have made our first higher low here with the...
This is a 2 hour chart of US Oil. I zoomed out a bit because I want you to see this support/flip zone we are at. Provides more confluence. Of course, you can easily see this on the daily and other longer term charts.
We bounced from this zone and it seems we have exhausted the downtrend made up of lower highs and lower lows.
Currently, we may have made our...
I don’t believe OILU will stay at the $14 level for very long and conservatively speaking I’d say a 50% swing higher is likely.
Depending on your strategy, you could cap your loss at 2% or whatever your risk tolerance is and then go in full on a breakout. Personally, I’d buy half or a third now and hold. If prices fall, potentially up to 7% or so, I’d accumulate...