Brent Crude ⛽️ Oil ⛽️ has passed the main wave W by Zigzag structure (5-3-5). Oil could finish Expanding Flat (3-3-5) or Main wave X at 138.03$ . Of course, the War can change my Scenario, but I don't expect Oil to break 177$ .
I expect the Brent Crude Oil to go DOWN at least to the upper line of Descending Channe & Support Zone .
Brent...
The momentum from April 2020, in my opinion, looks incomplete, growth is likely to continue - the goal for 2022 is 155$ per barrel of Brent crude oil .
❌ STOP - 1w close <85$
Good luck in making independent trading decisions! Bye!
FX_IDC:USDBRO is retracing in what seem to be wave C of ABC decline after completing a 5 wave impulse. There are 2 primary levels to watch out for - first is $87 based on A and C equality, but price could take support at the trendline and wave C could truncate or result in complex correction. That level would be between $98-$100.
Having said that, once this...
Due to its light and “sweet” nature, Brent Crude is preferred in refining oil to produce diesel, gasoline, and other end products. Brent Crude is used to price at least two-thirds of the world's traded crude oil supplies, making it one of the most important oil benchmarks.
Hello traders,
As predicted earlier, with OPEC+ increasing supply from the beginning of 2022, the price for oil rose up and above 85. Upside trend has taken a pause or in technical terms "retracement" or "consolidation" after a strong up momentum.
As we can see in 4hrs charts upward momentum from 77 levels till 91. Now we will see prices move in range 84.5 -...
From the beginning of next year, OPEC+ countries are to increase crude oil production as discussed in OPEC+ meeting.
It is good news for oil importing countries because supply will overcome demand and therefore price for Crude oil will fall. In theory, it is correct but when we look at charts of Brent oil to USD, it tells us a different story.
After the fear...
as you can see the oil price has broken through the trendline and has retested. on a higher timeframe it can be seen that the oil price is making a new LH. this gives a certainty factor for breaking the fibo level 0.618. when this will break we will reach prices towards the 77.5/78
show me your win in the comments
... the coming months will show whether Brent remains above trend or returns to the long term down trend. In any event first we will likely see a bounce.
Brent has been particularly kind to me, falling almost perfectly in sync with my general direction forecast arrow.
This week I am expecting much of the same, WPL is around 76 and it also happens to be where a trend line from 2008 is. I don’t pay too much attention to trend lines, as I could just as easily draw a slightly different one depending on my...
