Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times.
Technical analysis.
On the 4 hour chart of BRENT crude you can see the old figure of HEAD SHOULDERS. At the same time, you can see the formation of the figure DOUBLE BOTTOM. Given that the sellers failed to break through the KEY resistance level in the area of 72.10, the price rebounded up and fixed at the level of 75. The option of moving up looks more ...
Midterm forecast:
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
Technical analysis:
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI ...
At 80.5, 5th wave is almost complete. it is extended to 70%. Should top out soon and retrace fast towards 4 which is around 65. Watch out of re-entrance into the channel.
Professional Technical Analysts often argue if you know your Charts well, you can see much beyond the price. It is sometimes wonderful to see that even if one is not completely aware of the fundamental inputs; Market Participants know it all and it all gets discounted in the price. In other words, Charts reflect all. The fundamentals picture, the psychology and ...
There is a chance that we have a Head And Shoulders Pattern shaping on the chart of Brent Crude Oil.
Breakdown of the Neckline needed to succeed to the target at 52.30. (The height of the Head subtracted from the Neckline).
This idea accords with my ealrier 4-hour chart idea of the downside in the Brent (see related)
up channel was noticed at 04-Jan-21:00. This pattern is still in the process of forming. Possible bearish price movement towards the support 66.4000 within the next couple of days
price action shows abc correction following textbook 5 count impulse wave
rsi is also showing abc correction
Wait for logical confirms
u can let price action fall below the ema to ...
Channel Up identified. This pattern is still in the process of forming. Possible bearish price movement towards the support 61.7300 within the next 4-6 hours.
Supported by bullish RSI above 60
