And so, oil is at a key point. However, oil is expected to fall to 70$. There is a strong support zone at this level. Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
Oil rally surge well for more than a year and it's look halt and turn for it, where it can drop possible on trend line.
UKOIL Brent (Gulf oil) is still to rise. Monthly ATR is is 107 pips. And this month we did only 39 percent so far. I believe we will end the year at 54.33. But there will be BIG reaction at yearly low 52.28 from where price released in March. I would exit there. Close with daily bearish candle below 8 daily ema on daily chart will be a signal of trend...
On Balance Volume can be a powerful tool to confirm price turns before they happen, especially in commodities and commodities-related pairs, such as CAD. Here you can observe it for yourself on Crude Oil weekly chart. The drop in crude was quite predictable as you see.
Price should drop to the point of origin of this inefficient move.
Price formed a sort of an apex - liquidity block and very soon there will be breakdown or breakout from that box. From very weak bullish rise we can see that bids are exhausted and price should seek liquidity lower running down to the next major liquidity base to fill that low steam bid rise. Top Absolute Correlation 1 Day 1 XTIUSD - XBRUSD 98.6% 2 XTIUSD -...
Crude oil is likely to move somewhat higher to close the gap to ca. 40. For educational purposes only.
XBRUSD Brent Oil maybe we have a pullback on the 39.70
Posting this for those who are interested in Crude and what to anticipate as there is lots of uncertainty around this market. Because of that some major hedge funds prohibited their traders to trade running crude oil contracts. On Market uncertainty - "Bloomberg has reported that only 50% of shale producers have hedged 2021 production compared to 60% that had...
Crude bulls decided to challenge 2020 downtrend. 2020 downtrend that started January 8, 2020 remains valid (hence our stance is bearish) as long as we do not have a valid breakout with 3 DeMark breakout qualifiers. This is a turning point. Good news for bears - missed May pivot at 16.3 (in 90 percent of cases price always goes to test missed pivot). Look for a...
The COVID 19 pandemic that is kneeling the world caused a major drop in oil prices in some cases even reaching levels never seen before. At today's date oil is still in oversupply suggesting a further drop to the downside. But... there is a but, from Our technical prospective Brent Crude has reached it's level of extension and is ready for a retracement. In Our...
I see UKOIL drop to Cam S1 and trendline area for now. If trendline will be broken with a proper breakdown it will drop further. It was rejected at Cam R1 (above that bullish weekly dominance) Cam S1 - R1 - neutral area of last week´s close, range zone. Stochastics on 2 and 4 hrs overbought. For educational purposes only.
When there is a will, there will always be a way! Buyers are aiming to get Prices as high as 70.00 for UKOIL aka BRENT(XBRUSD) medium term. Longer term - Invariably the overall goal for Buyers is to get Prices for this sweet juice trading above $100 per barrel, actually up to around $108.00 mark, all this culminating from activities of the early days in 2016...
Brent Crude Oil does not seem to have the support it needs to make the push higher up from the 4H chart. MACD 8H is making lower lows as well. As long as the 4H 50 EMA holds strong as resistance, the move further down is active. First TP is at Fib Extension 1 which is 64. If prices still aren't able to find support at that price, then sell further till 1.618 (62)
50 EMA crossed over 600 EMA and is in very fine falling position. Price pulled back to Tenkan line and will keep dropping. Trade trends after 50 EMA (it has to be in declining or rising position). Enter trades upon pullbacks to Ichimoku´s Tenkan line. Trend ends when you will observe divergence in long term RSI (70-100) - when RSI unlike price will fail to make new high.
UKOIL To open SHORT positions for UKOIL , it is required: TRADE ACTIVE Risk Description: Small lot size for entry and we will add more positions as we make progress. Minimum 300 pips will be up for grab with small risk SL at swing high. Target scalp 900 pips Profit expectations: 1-4 day trade length expected before hitting profit target I will post exit...
UKOIL Short Opportuinity ------------------------ Elektro Analysis