Brent oil finally reached a major strong weekly resistance.
On that, the price has formed a h&s formation and just broke below its neckline.
Taking into consideration the overbought market, chances are high that the price will go much lower.
Goals - 53.15 / 51.0
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Former late 2018 support at round $50 per barrel depresses current uptrend and could become a resistance forming a rising wedge pattern that lead to falling prices.
With the rising of the oil price recently with the good news coming to the post pandemic. Oil and Gas stock becoming one of the sector that will be bloom in every economy recession.
For a long time of momentum, here we are again.
Stock to be the first movers.
- Refinery and Retailing
1. MYX:PETDAG
2. MYX:PETGAS
3. MYX:GASMSIA
4. MYX:DIALOG
5. ...
Brent continue to form classic uptrend pattern in tandem with trendline.
Chart pattern: inverted head and shoulder with clear breakout neckline.
Latest forming the cup and handle with lower bounce + Hammer.
i am pro bull on this one.
**simplistic analysis.
Brent retests a recent structure support after a massive extension to 45.2 level.
the underlined structure matches perfectly with 618 retracement of the last bullish leg.
based on hourly price action chances are high that the price will bounce.
goals:
45.0
46.0
Hi friends
the weekly chart of this market shows that it will know with a high probability after the breakdown at 41.19 level that the next target is 22.65
therefore in the medium term there would be a downward trend
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Previous drop was devastating, but based on a remarkable Diametric pattern, the correction phase for OIL may not be over yet.
If this pattern holds true something similar to drawn projection should happen.
On the other hand we have 36 level as an obvious PA support (next one is 26). It is still untested after the break and we can expect OIL to be supported at...
On daily charts, I can see any number of head and shoulder formations incudling on the ETFs
The monthly WTIC chart is looking like.... the last gasps of a dying industry? Is that possible?
I can see how commodities in general will rally in the medium term. The oil chart however says this is a secular decline....
I am short the oil sector till I will no longer be...
