With all the fundamentals in play, Oil has broken out of its 13 year downtrend line
We could see a giant increase in price, easily hitting 200 plus in the coming year
Pull Up condition :
1) BRENT has BO Level-1 and expecting to reach Level-2 of Raising Stage (F) at 89.37+/-
2) Tricol+ indicator - Banker's sentiment (red) reach above 75%, trapped fund (turquoise) has gone.
Support & Resistance:
S : 82.56 (Level-1) (-2.76%)
R : 89.37 (Level-2) (+5.27%)
Disclaimer:
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Hike in interest rate = Dollar Strengthen = Commodities Weaken.
With Omicron Virus, with U.S. to sell 18 million bbls of oil from reserve on Dec 17 (Extra supply), we may see more downside for Brent.
This is my prediction on oil, seems legit.
The macd looks like its going to curl down
Vortex 5 looks like its going to go up making the bears in control
Thats not support is resistance lol sorry for the confusion, I just woke up.
oil retested the major down trend line. as long as we close the week above it, a new major uptrend will be confirmed on the long term. the release from the reserves just showed defeat for bidens green energy bs, that's why we got a pop on the news its an extremely bullish signal for oil. the population and industries are far from going green
Short WTI & Long Brent
NOW!
This trade can move 200% in a day - with the energy issue coming into winter in the Europe and Asia, this low price between the two crudes can not hold.
Hi Traders
BRENT-DEC21 (4H Timeframe)
The market is in an uptrend and we are waiting for an entry signal to go LONG above the 84.65 resistance level. Only the downward break of 82.16 would cancel the bullish scenario.
Trade details
Entry: 84.65
Stop loss: 82.16
Take profit 1: 85.97
Take profit 2: 88.32
Take profit 3: 92.15
Score: 8
Strategy: Bullish Breakout
okay guys what we are looking here is a series of many possibilities which may take place ,we got an OB , FVG , HH (DOUBLE STRUCTURE KISS) also known as double top, a trendline kiss while may take place inline with the weekly OB..it just my view using what i know on this business.
