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Prior resistance may become support as another attempt at the recent high is due, in my opinion before a trend reversal would occur. Of course I have been wrong before.
While the price is below the resistance 82.00, beginning of downtrend is expected.
We make sure when the support at 70.30 breaks.
If the resistance at 82.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak ...
The 200 SMA will be the key; will the price bounce again from it?
I had previously described myself as an oil bull and Mr. Market is giving me an opportunity to elaborate. So brent crude has been trading a huge channel since peaking in 2008 with the last major trough in 2016. Long story short, brent crude is on track to test the upper boundary of the trading channel at c.$96. Try to follow the sequence:-
AB leg: Feb to ...
is past happen again ?!
#oil #BCOUSD #energy BCOUSD
Demand zone.The trend is weaker than the wti crude oil, which may form a false break down
Brent Crude Oil in a correction, doubt it will challenge the 200 DMA again which is around $73.
anothr leg up
SWING HIGH - 87.338
SWING LOW - 70.058
BROKEN STRUCTURE 79.688
PREDICTION: 86.958 - 91.610
NEXT RESISTANCE - 79.688
LOOK FOR LONG ENTRY REASONS ON SHORTER TIME FRAME FROM 81.00 - 78.00
ONLY PLACE TRADE IF RISK TO REWARD IS <1
STOP LOSS: .786 RETRACEMENT
TAKE PROFIT 1: .236 RETRANCEMENT
TAKE PROFIT 2: 87.338
TAKE PROFIT 3: 1.272 RETRACEMENT
KEEP IN MIND ...
Just an idea.
this is where the majoc happens!
money to be made here!
The RSIs indicating "overbought" so there will be
a bit of a correction in the price of brent crude
oil over the next day or two.
Further indicating Brent Crude Oil relationship
with the 200 Daily Moving Average from Apr '16.
BCOUSD, SELL on H1.
BCOUSD, Brent Crude Oil: Forecast on H4- Triangle pattern on H4.
--> Waiting break and confirmation !
Indicating Brent Crude Oil relationship with the
200 Daily Moving Average from Apr '16.
I identified 3 occasions where the
20 dma crossed over the 50 dma.
That is very Bullish.
We did discussed the bounce of the
200 dma before, further Bullish