Brent is reversing after unsuccessful attempt to challenge the Major Long Term Down Trendline (from Jul 2008 – All Time High).
Negative divergence can be seen between Brent and RSI and a short-term correction is expected.
Nearest support at USD74.45 confluences with 20-day EMA and Brent is expected to rebound off at this level. Breached this level, the next...
On 1-June-2021, Brent successfully penetrated 2 converging key resistances i.e.
a) Long Term (7 years) Down Trendline (from June 2014)
b) Symmetrical triangle chart pattern (from March 2021 to End-May 2021)
Brent is about to challenge the Major Long Term Down Trendline (from Jul 2008 – All Time High), around the range of USD77.30 to USD77.60.
In case this is...
Earlier analysis on 4-Apr-21 confirms the the consolidation within the “symmetrical triangle” pattern since 8 Mar 21 has ended following the breakout from the upper declining resistance confluences 20-day EMA. Brent managed to rise and hit USD66.79 (38.2% FE) which coincides Upper Bollinger Band which acts as pivotal resistance.
The positive readings in both...
1-Mar-2021 analysis confirms 3 key predictions:
• USD70 is a strong key psychological level. Brent briefly hit & closed at USD70 on 8-Mar and re-challenged on 15-Mar, however Brent reversed.
• Brent has established a higher low base within 200-monthly EMA.
• Support Zone 1: USD60 - USD57.40. Selling pressure stopped twice which coincides with 60.81%...
On 1-Mar-21, the earlier analysis was:
1) It is foreseen the need for Brent to establish a higher low base within the 20-month EMA line before the uptrend can resume and seek to test upper resistances.
2) If Brent breaches below than USD63.75 – USD62.78 (Support Zone), which the latter coincides with 20-day-EMA, Brent may lay down the foundation for a new...
Following almost the 3-month long period of correction, the Brent eventually violated above the descending channel on 9-Nov-20, and it has indeed reached several Fibonacci Extension (FE) projections as below:
1) USD47.54 (38.2% FE) on 23-Nov-20
2) USD51.14 (50%FE) on 10-Dec-20
3) USD54.75 (61.8%) on 6-Jan-21
4) USD66.42 (100% FE) on 23-Feb-21
Overall, the Brent crude oil has been on the uptrend trajectory since it reversed from its significant lowest in the 20 years in April 2020. Brent Crude Oil charted into new territory after making a new high for the year at USD64.40.
The view is optimistic that Brent will trade higher in the medium-term supported by the flattish 20, 50 & 200-month Exponential...
The reversal of the trend has been evidenced by the breaking of the major down trendline since Sept 18.
The consolidation within the “pennant” pattern is unfolding and is hovering around the same price zone after rebounding off 38.2% Fibonacci retracement which coincides with mid-line of BB (20-day SMA)
The stock as a solid chance to break out the pennant...
The retracement within the “flag” pattern is expected to end as the stock is now in the oversold region and is hovering around the same price zone after rebounding off 61.8% Fibonacci retracement which coincides with mid-line of BB (20-day SMA)
The stock as a solid chance to break out the flag pattern to continue its uptrend movement.
Next R/ TP:
The divergence between price and STO-RSI indicator alerts a reversal is imminent, as the price is now is in the overbought area.
It is advisable to monitor any Japanese reversal candlestick pattern at below supports, coupled with oversold STO-RSI indicator, to make an entry:
• 0.445 (38.2% FR)
• 0.410 (50% FR)
• 0.375 (61.8% FR)
Note: This trading idea is for...
The short-term consolidation has come to an end following a breakout from the symmetrical triangle pattern supported by higher average volume. The STO-RSI indicator shows the stock is in oversold territory and the buying momentum is expected to start launching a bullish bias.
Next R/ TP:
The consolidation is potentially reaching its apex of descending triangle pattern. Although the descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern, however there are instances when descending triangles act as continuation patterns during uptrend. The stock eventually closed above 20-day SMA after it rebounded...
It is concluded that Brent eventually exactly hit the short-term target of USD54.84 based on previous updates (Brent Crude Oil on 20-Dec-2020 and 3-Dec-2020). Brent however reversed after that.
Since Brent rebounded off 38.2% Fibonacci retracement on 2-Nov-2020, it has been progressing a new base of uptrend market structure by continuously making higher highs...
The hammer candlestick rebounded off at the strong support of 0.95 which has been tested several times previously yet the price is closed below 20-day EMA.
Enter position if the price closes above the 1.035 with TP1 @1.08 and TP2@ 1.135. Support is 0.95 and next support is 0.895.
However, despite hammer is a bullish Japanese reversal candlestick, the STO...
The second C&H pattern is about to complete. The price is now being traded above the rising combined 20&50-day EMA since 13 Nov 2020 and this combined EMAs also has crossed above 200-day EMA on 16-Dec-2020 which indicates a potential bullishness in the future, which is further strengthened by the green cloud kumo.
It is noticeable that since 5-Nov-2020, the...
The price eventually breached below the neckline and completed the double top pattern, marking the completion of distribution phase. Since the last update on 24-Nov-2020, the price made several attempts to penetrate above 50-day EMA but futile. The bearishness is further strengthened as the price is now currently trading below 200-day EMA as the last support and...
An upside breakout of ascending triangle in the direction of prior trend, has been signaled by a penetration of the upper trendline on 17-Dec-2020.
The short term price target (USD54.84) is measured from the height of vertical line at the widest part of the pattern and extrapolated that distance from breakout point.
The target coincides with the earlier flag...
The short-term trend has been on down-selling pressure since early December, nevertheless based on the green kumo cloud, the future trend still looks bullish.
Despite the price violated below 20-day EMA, it managed to close at 38.2% FR and briefly above the 50-day EMA.
A hammer Japanese candlestick indicates the price is rejecting to go lower and sends a signal...