It is possible for oil to move this way that is not popular these days as most of people waits for huge drop.
Large correction implies the strength of oil price above 100+.
It will be the second leg of the last move to finish large wave B.
Then it should drop to complete the whole structure within wave C.
What do you think? Please share your comments below
Brent Crude Oil futures bearish forecast with new supply levels imbalances being created. Brent crude oil is correcting strongly after such a strong bullish move in the past months. Bullish impulses have become corrections and now there are a few daily supply levels created on the way down after such a strong rally.
Three supply imbalances have been created on...
Short 67$ stop loss 68.30 take profit 60
and so the first stage for growth is care for $ 60 and then look for an opportunity in the area to enter oil prices in the medium term.
Brent Crude Oil Futures has a monthly demand level located around $5038 that gained control a couple of months ago. The fact that we have had that monthly imbalance in control allowed us to make too decisions. 1) No shorts would are allowed trading against a big timeframe demand imbalance that has gained control. 2) Only longs would be allowed.
Brent Crude Oil...
I think the supply side for oil will be abundant, considering the fact the tepid world economy will not consume as much oil as the last decade.
growth prospects of major economies looks dim except the US. Many institutes has trimmed down GDP growth rates in the last two month, citing significant headwinds for the world, like debt, trade disputes, geopolitical...
Oil is in a bear market and will eventually go back down to $28 a barrel. What we see now is a dead cat bounce that has done better than expected. However, I think it's coming to an end sooner or later. I will first start by identifying key levels. I identified four horizontal lines that solidified through the last decade. These are the $80, $70, $63, and $45...
