After breaking out of price consolidation (yellow rectangle) it’s crucial that the bulls keep oil above this price point and move to the apex depicted in the chart. A break of the inner upward Trend line will see oil back into the consolidation point so its imperative that the Bulls keep at these levels or above. A Rise to 32 (R1) will see some bears to contend...
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Descending triangle with a few fake-0outs on this pair. Resistance is holding nicely as per the green rectangular box, and the support on the red zone is also forming nicely. Could be a range bounce S/R structure going forward into the trading week ahead.
Looks like oil is nearing the end of a 5th wave after exiting a typical 4th wave triangle; May see a correction soon before another impulsive move upwards.
BRENT OIL ($UKOIL): Demand For Oil is Back, But is the Uptrend? ✨ New charts every day ✨ Like, Comment & Follow to help the community grow 🎉🎉 --- Brent Oil (UKOIL, USDBRO, OIL_BRENT, BCOUSD) prices are seeing momentum again with Brent Crude forming an uptrend after an ugly start to 2020. Will we continue to see strength for oil, or will the lingering excess...
UKOIL hit a major resistance level, I don't think Bulls going to be strong enough from this level .
UKOIL bounced off 30.92 where it could potentially rise further to 32.21. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Failure to break the LH at 28.40 we can see Oil heading down to retrace or make a new LL
I think Oil is setting up to make a move, I have a small position but will add as the situation develops and we get a good confirmation of a break above resistance.
Brent Oil corrections seems to have completed and maybe ready for another impulsive movement to the north... N.B - Let emotions and sentiments work for you -ALWAYS Use Proper Risk Management In Your Trades
UKOIL / USOIL idea I expect a long because the trend is bullish. I still expect continued growth to the level of 34-36$
UKOIL approaching support at 28.66 where it could potentially rise further to 30.67. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Current consolidation shaped a beautiful triangular structure as all rules of EW triangle are complied. Watch breakout of triangle as CL1! futures could reach 30-34 area in blue box as target.
UKOIL expected to reverse up to 1st support at 28.66 where it could potentially react and bounce to its resistance at 1st resistance at 30.67. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
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It looks like there wave 4 is building within double three WXY (yellow). (I warned about it in the update below the idea ) Wave X is in progress. It can hit former top of 32.21 before reversing down to the valley of 28.66. It's rather a sideways range trading. The market accumulates power to continue further up in wave 5 into the blue box. P.S. One could...
UKOIL expected to reverse up to 1st support at 28.66 where it could potentially react and bounce to its resistance at 1st resistance at 31.12. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.