Another leg up is expected, targeting $42/barrel. I suspect that China news will be positive over the weekend and that CBs, European and US, will continue to support a recovery in both equities/oil and their correlation to each other.
Let's see how it goes. Happy trading!
Looking for a new bottom in long term trend channel.
After a long-term downtrend UKOIL has performed a correction on daily. Now it is time for a correction of the correction. TRADE PLAN: Happy trading!
Brent rebounded strongly from 27.08 to 36.14 within two weeks and touched the 0.382 fib level. Now the price touched the upper line of the rising channel and met the resistance zone which formed from the previous minor wave iv. The RSI also shows a divergence. The price needed to go down to compensate the divergence. But the correction wave does not seem to...
Looks like we just might be widening a bit further on the Brent/WTI spread. If not, today is the day to bet on it narrowing.
Brent forming a bat pattern if it drops to $28 Should apply to WTI as well
Oil broke the bearish channel forming a new low around 27.50 $ after that it bounced hard and it's approaching to the channel support now resistance without any FA on it's favour. We could see a perfect pullback to it or a break upside to recover the bearish channel. Anyway nothing here changes the trend. Happy Trading
Oil rebounded strongly from last Thursday. From EW theory the rebounded waves will most probably be a 535 zigzig correction wave. The rebound is so strong that the correct wave might last for at least one week. Trading setup: Pending long order at around 30.9 SL at 28.9 TP at 36.1 Good luck for me!
Look forward for further downtrend movement below $ 34.10, curves following as Retrograde Mercury in Earth sign this time too strong is in action till Jan, 25
CRUDE'S SPREADING, BRENT OIL vs WTI Crude's wars still is in action as it seems like final capitulation all crudes vs WTI / USOIL Waiting for Brent / UKOIL at minus 4/5 floor