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67$ is first target
stop loss is near 77$
Retraction can be expected up to the support channel where OBO is formed in the log.
Another important factor is the significant decline in long positions in oil contracts over the past two months. According to CFTC data, long positions in futures oil contracts have experienced a decrease of about 40% since April.
My analysis is not an investment recommendation, ...
Disclaimer: I'am working here just with technical analyses, this work is not include fundamental trends analyses, only few words and mathematical analysis.
Here is my thoughts of current oil price movement.
Last week was pretty good for a price, can we expect to downtrend for next week or next 2-3 days ?
In my opinion there was first try to leave channel ...
Trade entry/target/stop shown on chart
maybe its time wave B of ABC started taking sharp
BRENT - 1H SHORT SETUP
Possible long on this zone
The Oil market is in at a key pricing level whereby a ceiling has been put in place since Aug 2015.
The $54 level has been tested 4 times, and failed on each occasion with a notable retracement seen on each occasion.
If a break above this price ceiling is made, a buy order should be initiated with a target of $60.
Only sell if fundamental news comes out ...
Oil is moving down since it find resistance around 51 USD, this is a strong level.
The first support zone is around 46,25. And a bigger support zone can be found around 42 USD.
For the short term, Brent Oil can move lower to 46,25 - 46,50. When this level will break, the next stop is around 42 USD.
Brent clocked 5-month high of $46.10 and trades around the same in early Europe today. Markets ignored a record high weekly inventory buildup reported by US government and cheered IEA’s forecast of sharp drop in non-OPEC output in 2016
Formation – Rising channel
Resistance – $46.47, $47.65, $47.97
Support – $44.90, $43.32, $42.51-42.27
Brent’s day end closing ...