Guys, I notice that the brent oil is in a up channel move, and probably, the price may reverse in the up side of the channel. wait for the break of the supporting line and short it will be a wise trade. Success RandR
correction Continuation or return....lets see by all im waiting for return and going toward up because trend is uptrend in my idea
This to me is a good sell setup. The doji has been confirmed and all you have to do is wait for the end of this day candle. Best to not take the position now as it may retrace and possibly give you a scare you dont need. But if this bearish engulfing candle closes as it is then sell until 53.25 before any bullish pressure occurs. Thats my target a good 100 to 200...
Generally I believe we have overcome a strong resistance point confirmed by the black trend line with enough volume, also seen on the On balance volume indicator. According the M. Pring this should mean that are likely to reach a new high. I would have my marbles on reaching 60 as we know psychologically people love to consolidate around round...
Take care & analyzed it again - it`s always your decision ... (for a bigger picture zoom the chart) Best regards Aaron
Take care & analyzed it again - it`s always your decission ... (for a bigger picture zoom the chart) Best regards Aaron
Next week seems like brent could be taking a downturn at least to the previous structure before target 1, though since brent has reached the .618 retracement there is a probability that it may fall back tho the .618 structure laid by the previous rally, this would be target 1, though due to the OPEC supply cut I doubt we might see this reaching target 2 so look...
This is only a trading capability - no recommendation !!! Next week i`ll confirm or change my opinion about this SetUp :) Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron
Oil failed to break its 1H resistance (in dotted red), the price will return to the 1H ascending support and more than probably rebound on it after that. Any break of the ascending support will have oil return back to the 1D ascending support (in black).
I don't expect this to take on during the day but it should complete throughout the weekend since the week chart seems to be ending with a Doji star. Target 1 was set with an opposing .618 but I'm not expecting it to bounce off that retracement by much.
SL above X (56.47), entry 55.96, targets 55.12, 54.39 NOTE: Oanda has different quotes as many other brokers. work therefore proportionally
Reversal Head and Shoulder on Weekly chart