Both UKOIL and USOIL are important in the energy sector, as they reflect the two most important types of Oil: UKOIL refers to the Brent crude which is extracted from the Oil fields in the North Sea, and USOIL refers to Western Texas Intermediary (WTI) which is extracted from the Oil fields in the United States. UKOIL is the reference Oil price for about two-thirds...
Trade set up
‘Buy long’ on daily open with caution as current price closes above the 10day EMA with stops below the recent daily close or those with higher risk appetite, a close below the 10day EMA.
Target levels of 64.30 followed by the 50% retracement of the previous major move around $68.30 and looking to add to our position as price make a new higher-high...
overall biars is long ... but currently brent crude oil is experiencing a pullback to 58.00 zone where i expect buyer to start stepping in....failure to respect this zone.. 55.00 support will be onsite as the trigger price .
Fibonacci can be very powerful in the oil market. It provides perspective on the type of move that is possible The increase from January 2016 to October 2018 was retraced a perfect 62% on Dec 26.
Oil is currently booming again after the good job report last Friday (increased demand), the start of US-China negotiation (expected but still) and Saudi Arabia's...
Trade set up - Enter on a daily close above the 10 day EMA with stops below the previous weekly low of 58.35 and a short-term price target of 70.00 - 71.00, looking to add to the position once broken above the downtrend channel.
Why we like this trade - Technically speaking, price looks to have found some support around the Feb 2017 high after the recent 33%...
the rally seems to be running for ever ...60.30 zone was taken out with eazy ... from now i will be cautious as we have hit the oversold marks...if this rally continues my overall target will be 53.70 zone... personally i don't see price closing below this zone before some pullback...price now is trading at our weekly wave 1 and we at the end of it...
The down fall continues ... 56.80 will be my take profit ...then week can expect so strong bullish ...but will wait for a strong rejection...
for now i'm all way in to 56.80 zone .
USD is on a rampage... taking out every resistance on its way ... last week we saw 70.20 zone taken out easily ..61.20 zone is at hand now but will see if our minor resistance will hold at 66.70 zone...
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.
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