BRN1 is a power move for the bull state of mind. Now that's been said the bear was looking very healthy an Fed. This was only asserted by the growth in Q3-Q4.
Bull Up condition :
1) BRENT candlestick has BO Level-2 of Raising Stage (E), next target going to be 96.55 (Level-3)
2) Tricol+ indicator - Banker's sentiment (red) above 75%, still in bullish trend
Support & Resistance:
S : 89.37 (-1.81%)
R : 96.55 (+6.08%)
Remark:
- length of AB=CD=DE=EF
DISCLAIMER:
Analysis above SOLELY for case study purpose, not a...
Rectangle Formation has formed on Daily and it's anyone guess where it's going.
On the bearish side, 3 Black Crows candles have formed as the price touches the medium beartrend line.
We need to wait for a breakout before we do anything...
Bull $120
Bear $67.65
Brent Oil looking long as well. How ever, it's not strong.
If you take it, it will go slowly up, but it will be quite week.
I prefer to wait for a short one at the last top.
Potential Ascending Triangle on Brent Crude forming. We are just waiting for the price to break up and out of the resistance and then the first target will be around $122...
Moving Averages look good 7>21 <200
Cup & Handle has formed on Daily and now we are just waiting for the breakout of the brim level.
7>21 <200 almost perfect. We just need the price to cross above 200MA
First target $122
Expect to go up a little bit more to form double top
Bear Delta divergence...
Price goes up while momentum is going down...indicator for a reversal
Gap to be filled down bellow and lows to be taken
Brent is in a predominant falling wedge channel.
As I have mentioned this week, channels are always stronger than breakout patterns.
So we need the price to break below or above a certain level, before the price stops meandering...
The first target is to the top of the channel at $97 then down to $88 (channel).
If the price breaks below the channel then we...
Brent looks like it's on its way down!
Broken below a Falling Wedge (which is rare).
The RSI continues to make lower highs. and so the first target is around $67.65
On the weekly chart, there is ether a strong Falling Wedge in the making.
If the price breaks up and out of the Falling Wedge, we can expect the price to move up to $155.000
If Brent Crude forms an M formation (Double top), it's possible for Brent Crude to be bearish and on the way down. But we need the double top to form first.
What are your thoughts...
Short brent oil up to 81.98$.
As demand for oil declines globally due to coming to the recession, it is only a matter of time before the price hits $81.98.
You'r welcome ;)
We have dropped to a max bearish on OIL we have now pulled back to .618 and .382 near perfect and wave structure reflect the massive view of trades from major bullish view at it peak to today . one of the max BEARISH view . watch for a very sharp move up as an event in the world unfolds rapid
