UKOIL (Brent) SHORT ADAM&EVA PATTERN
This Gartley has formed and overrun, giving us a better risk/reward profile so still enter.
This is a setup for a nearly formed bat pattern. Given the recent surge in crude oil, it is about time it had a pullback. I think we will continue to see further upward movement due to excitement leading into the OPEC and non-OPEC meeting but this will peter out, and hopefully that happens when this bat forms. For this reason, the second target is much less...
Crude left the building and may not come back. We moved our trigger zone a little higher but may not see it. We will not chase it up here.
Brent crude has been able to rally on little volume during the U.S. banking holiday and rumors surrounding a potential unified OPEC production cut, issued by the UAE energy minister just as WTI was carving out a 12 year low (and in the middle of the night, local time, no less.) Four days later, there has been no new reports of said production cut proposal, but...
Description is on the chart. (USD/CAD SETUP) - Correlation with Brent Oil.
My illustration of why I believe we are about to see a major buying opportunity for oil.
Technicals Here we have a Gartely pattern (shaded grey) that suggests a mid-term rebound. From the blue Gartely pattern, we can expect this rebound to last into the $36/37 region, where we can then short the market due to this bearish pattern. Fundamentals The oil market is in quite a confused state at the moment. Supply and demand dynamics suggest no return...
MACD - Showing hidden bullish divergence RSI - Hidden Bullish divergence 2 possible enter here, or if break 32.2 lower SL: 32,2 TP: 38
Crude opened and blew through our trigger zone. Just as we suspected, crude may not be done on the down side...but it's getting close. Bottoms (and tops) take time to form so we will waiting until we see a signal forming. Protect your powder!!!!
I think that the Oil price will go up as show in pic.
Crude has no bottom in sight. IF YOU TRY TO PICK THE BOTTOM PLEASE GET A HOLD OF US AND WE WILL TELL YOU WHERE TO SEND US THE CHECK INSTEAD. IT WILL BE LESS PAINFUL. :) BE PATIENT with crude. A bottom will happen soon enough but it will need to FORM a bottom first. We have no interest in shorting down here. Keep on watch list.
#oil #WTI #brent #pattern 8-11 day candles of the same color in a row. 9 is already underway candle #long