as previous massive price drop, price start accumulate and formed an cup shape for bottom for a week, and it's breaking neckline today, estimate long position is the depth of cup shape, which also fit both downtrend line resistance as well as the resistance of previous gab down.
The price renewed the local minimum, having made a false breakdown, rolled back and returned to a long zone relative to the support level. I am waiting for the consolidation above the level of 70.67 and the price recovery to the resistance of 73.62
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
starting off my analysis on the MN timeframe price took out a supply level @ 67.28 with its rally to the upside , price then made a swing high @ 86.68 before retracing , with the retracement being the market coming to retest the break of the MN supply level now acting as demand (prev supply becomes demand) at the level I also have a weekly demand level @ 69.91...
Against the background of the news, the price drops very strongly, I suppose that this movement is not for one day. A lot of instruments react to oil, some oil markets determine their mood. The picture at the moment is as follows. The support levels are broken and the price closes the session below 73.62. I expect that the fall will continue and the first support...
BRENT-FEB22 (4H Timeframe)
The market is in a downtrend and we are waiting for an entry signal to go SHORT below the 67.36 support level. Only the upward break of 72.96 would cancel the bearish scenario.
Stop loss: 72.96
Take profit 1: 64.35
Take profit 2: 59.02
Take profit 3: 50.06
Strategy: Bearish breakout
Summary: Long, after a 20% pull back , inventories continue to decline in Europe and demand is increasing in India and China.
Holding the 50 EMA on the weekly plus a Golden Cross.
Price sell off trigger by concerns over new Omicron Sth Africa variant and new lockdowns in Europe , prompted a global sell off on risk assets. Also, DXY/USD has been strengthening...
- After reversing from a major resistance zone , oil pulled back to a major uptrend support level and is so far bouncing off it .
- Oscillators indicate that it is oversold
- While bulls hold the low , i will be targeting the gap above at $81.60
Previous link below
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Disclaimer: All ideas are my opinion and should not be taken as...
Timing and price action is projected through golden ratio.
Measuring retracement of the pullback.
Additional levels in case of supercycle justification based on impulsive decline wave.
TimeFib 1.272 is on 17th June 2021
REMEMBER THE DATE
At the end of the last week and after the sudden emersion of omicron coronavirus, the price of oil faced a dramatic decrease! In the beginning of this week, after a slight consolidation upward, it has fallen even more dipper than the point which was closed previous week.
Right now in this position I guess that the upward correction is about to finish and in...
Yesterday the markets realized that on Friday they somehow overdid it and counter movements were observed on most of the assets. However, in most cases it was not possible to return to the original ones. The reason, on the one hand, is the hope that everything is not so bad with this Omicron and can still carry. On the other hand, the risks are still great to walk...
Here's one risky idea for those avid short sellers like me. I believe price should correct sharplhy after the announcement of SPR with some other countries to fight oil prices back as they are hurting massively global economies.
OPEC+ may counter act reducing their quotas even more so that could be the beginning of a new oil war that will end up badly...