Since the last update, Brent has broken above the major Falling Wedge...
And it's been on a quiet but consistent trajectory up.
With the USD strengthening and with oil being an inelastic good where price has little effect on demand, means we can expect the price to continue to the first target.
$100!
We are in it for the medium term.
Brent Crude: A quick rise of about 10% till September 2023 end & then fall about 40% from high towards year end. Brent may ultimately explode towards $200 towards the end of year 2024.
TECHNICALS:
We’re looking at the daily chart of Brent Crude oil.
We can see since March 2022, the price has indeed tanked from $136 down to $71.
During that time, we can see it’s formed a large Descending Triangle pattern.
This is generally a pattern which also forms what looks like a falling triangle.
The selling is stronger than the buying. And this is...
I have the feeling it is not the last time we see the interaction of the market with the drawings. This would mean it would have to go up at some point, or at least do something crazy near the vertical lines. I wait and see... Don't know if the markings should mean anything if this goes up up up
Nice perfect rebound at the edge of the first arc. On the other side of it I don't know if the arc holds and a rebound is expected. We might see more downwards movement.
Ignore the Black Hole and its Event Horizon (in the corner of the chart). We might already live in one. Unless these drawings have nothing to do with the future that theoretically hasn't happened yet.
This is just a quick summary with some of the most interesting coincidences that have happened with my drawings. I look for candlestick patterns or shadows near the shapes, but sometimes I also stretch my imagination to look for other meaningful or strange occurrences. The price hit some of my icons so many times this week, that I decided to make this video. I...
See in Chart 1st Trend-line, if cross and stable above this level..
Next target around $82.
Right now Upside trend due to OPEC+ cut production.
But now, in chart trend showing positive.
Let's see..
What's your view..
Please Comment and Like.
The Chart looks quite simple for a complex geo polical commodity.
OPEC Cuts, Russian War, Recession and still the Price skeeps coming down.
One year down 26.4%
The Organisation of Petroleum Exporting Countries and its partners (OPEC+) producers surprised the market with a decision on Sunday 2 April 2023 to lower production limits by more than 1mn barrels per day (bpd) from May through the end of 2023. This decision was announced ahead of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting scheduled on 3 April...
We see that oil is in a general downward trend
This trend has been respected several times and has made lower bottoms
Economic news supports the decline in oil as well
Oil is in complicated situation. During second week of the March it broke the 200 EMA support without resistance. Next weekly pivot is on 64.00. Traders might be looking for short on fundamentals to the 40.00 level. But given my expertise about Oil fundamentals this trade would not work. So i'll say any position taking in oil should wait for 64.00 level and look...
M formation has formed over the Rising Flag.
This confirms not one but 2 bearish patterns in the making.
There is a strong chance of the price coming down. and we have other indicators confirming.
7= 21 - crossing
Price <200
RSI<50
Target $67,71
Rising Flag has formed after the downtrend with Brent.
The price has broken below the rising flag which confirms bearishness.
200 > 21 > 7 - Bearish
RSI <50
Target $67.89
FUNDAMENTALS:
We've seen the US Dollar start to strengthen a bit which is can continue to do so for the next few weeks.
A strengthening US dollar can cause Brent crude price to drop because...
