Hi guys, Brent crude formed an inverse head and shoulders pattern on the daily chart and broke above the neckline on Feb 14. The pattern suggests an upside target of around $77, but we might also see a pullback to the neckline before the target is reached.
This trade has also been posted on our Telegram channel, feel free to join: t.me
AFTER LAST WEEK ANALYSIS
GOES SO WELL AND HIT THE TARGET
AND CROSSING UP THE FIBO 61.8
NOW WAIT FOR DOWN CORRECTING
AND PRICE ACTION FOR LONG AGAIN
TO THE NEXT TARGET AT NEXT HVN 66,937
THEN THE FIBO 50.00
H&S pattern playing out on the daily. Got price taking out stops into an OB, with rsi and AO divergence. Price breakdown with a LLLC good entry signal, or a close below a broken s/r for more conservative entry.
I have been blind and have not seen this beautiful development. We are continuing with the same development as in 2014/15. The first bull rush is in place, now the price will fall down to 56-57 and the bulls will attack the market again.
Your future analyst.
-2019 is expected to be a more balanced year for oil (BCOUSD), OPEC adjusting flexibly
-Weaker USD is supportive
-Oil is supported by the 20DMA -> long continuation
- 200DMA is next resistance > revert back to mean
- start with a smaller buy size
- If FED will sound dovish on Wed, and USD gets weaker, add to size
- If USD...