There seems like a top is forming in Brent Oil, and a possible head and shoulders formation forming. In the chart there is a left shoulder and a head. Currently we are missing the right shoulder.
Currently todays market open has shown P action below the inner downward trend line and inner upward trend line. Currently watching P action to see if Bulls Vs Bears has the strength.
Daily View:
Published chart 4hour view above ^
Also see Gap for slight interest area if price is more bullish this week.
📈Support & Resistance📉*
Support Levels
1st Support...
Brent Oil rallying to 36 last week; 3 weeks after our prediction. Now that Brent Oil has tested 36, any price rejection can see the commodity going down to test its bullish order candle below 28. Before then, enjoy the bulls while it last...
N.B
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
We got the first strong move down after a huge impulse up that more than doubled crude oil price and hit the target set at 36.90.
The wave C up in a correction could be over soon and crude oil then could drop into the blue box area of 31-32.
Crude may hit more high due to the increase in demand as many countries have open the lockdown and technically the RSI divergence is visible.
The weekly close above the 30.12 will give a positive view in the analysis.
UKOIL reversed off its resistance at 36.66 where it could potentially drop further to 32.03.
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WTI has had an explosive run the past few weeks. It will continue but a breather is needed. 618 fib and top of the BB will provide formidable resistance. Looking for retrace to the .5 or .382 demand zone.
Possibility of TREND coming back in contact with SUPPORT LINE and in the event SUPPORT LINE has broken the possibility of going down TREND while in case of breaking RESISTANCE LINE Possibility of rising TREND
As you can see from the Weekly chart, bear market might have ended for crude oil.
With Elliott Wave model, i have counted the corrective wave started from July 2008 to mid April 2020( indicated by the oil crash event amidst pandemic).
A complete zigzag corrective wave is done with prolonged ending diagonal of impulsive wave C.
If this model is correct, then I...
Hello guys! Ok, so our trade just hit its target and gave us a nice profit! Congratulations for those who did catch this trade with us! If you missed my last call on UKOIL the link to my past analyses are below (chronological order, since my first call), and you are free to check them for more details about our trades.
In any case, I’ll sum up for you. Our first...
Currently Oil is apexing and finding a resting spot over the consolidation zone below whilst hitting its head against resistance zone one (this is a zone of price and not a fixed price) I’ll leave the prior trendiness intact until weekly close as this market, although moved north, hasn’t given enough confidence. A push to R2 would show this. Oil has enough...
