Fundamentaly and also technically Oil looks still bearish.
What we do can see is a possible bullish pattern with a small wingspan in comparison to the average dimension of latest swings. Currently I am flat on Oil but watching out for Bats completion a D and with this for a possible trend reversal on lower time frame.
Important: :-)
If you like my analysis and...
Here is a long trading opportunity on Brent,which is well worth the risk+in my opinion we are not gonna break 30 level,but even if we do and my stops are gonna be taken out-I still think that this trade is worth it!
GL!
We have bad news oil complex so our target short position 27.0 or down. This price OIL in III Wave Elliote and this good news for us. The OILWTI dropdown so OILBRENT dropdown too.
here we have a very nice pattern on oil that was formed on the 28th and had an initial reaction. the market then proceeded to find previous structure resistance at a specific level when the pattern completed. now we find ourselves in a very profitable position to place a short since we have some bearish divergence that started at the completion of the pattern. and...
My prediction of 37$ failed slightly short at 36$. Currently the price is at a support level (violet line) and I don't see any bullish sentiment here (yet). I don't know if it will make another attempt from here to 37$ levels. However having said that, USDCAD pair is so weak that if keeps on falling even with falling Oil. If Oil turns bullish the fall of USD...
In general I am bearish on oil, however if we breakout of this short term downward flag, I'd be interested in buying any retest of the top of the channel. I will only go long if we breakout and confirm above the channel.
If the rising channel can hold, the UK oil will continue rebounding. Otherwise it will go down again.
From the volume analysis, it has a higher probablity to continue rebounding.
Good luck for everyone!
For the long run, Oil might have changed the direction to the uppper side.
But before it can quickly run up, it has to fall again to reflect the fundamental and the sentiment.
Triangle show me a nearly completion, if you dare to take the risk, you can short now and nice risk reward. But I am expecting it will have a final rally before it fall again deeply....
Another leg up is expected, targeting $42/barrel. I suspect that China news will be positive over the weekend and that CBs, European and US, will continue to support a recovery in both equities/oil and their correlation to each other.
