BRENT CRUDE OIL POTENTIAL LONG OPPORTUNITY (SWING TRADE)
Hey everyone! What's going on! Hope you guys are having an amazing week so far. Just wanted to get on here and post analysis for a potential setup I see on Brent Oil here on the daily timeframe. So let's dive in!
OK so what made me actually see this as potential was first off on the weekly chart. Price had pushed down from the $96 dollar range falling to the low $70's in price; BUT price had failed to come reach the previous weekly lows...actually forming a higher low in price. Showing buyer power at a "worse" price for oil so to speak. So for me this displays to me that oil has an upside target to still be reach and based on the daily timeframe being in a strong demand driven, bullish trend. I see opportunity.
You can see on my chart a nice, clear demand (buyer) zone on this daily data chart. Something I really also like about this is the technical confluence it is giving me with the 200 EMA aligning within this demand zone as well as a 61.8% fib retracement (discount) level for price. With these alignments and my technical alignments with price I see a higher likelihood of prices rising even potentially to next weekly supply zone of the $97 range again taking previous highs and also fulfilling the -27% Fibonacci extension confluence that also aligns with this level.
OK so that is what I see here on Brent Crude Oil so let's keep an eye on the seller momentum and the buyer from this level! Cheers!
OK so what made me actually see this as potential was first off on the weekly chart. Price had pushed down from the $96 dollar range falling to the low $70's in price; BUT price had failed to come reach the previous weekly lows...actually forming a higher low in price. Showing buyer power at a "worse" price for oil so to speak. So for me this displays to me that oil has an upside target to still be reach and based on the daily timeframe being in a strong demand driven, bullish trend. I see opportunity.
You can see on my chart a nice, clear demand (buyer) zone on this daily data chart. Something I really also like about this is the technical confluence it is giving me with the 200 EMA aligning within this demand zone as well as a 61.8% fib retracement (discount) level for price. With these alignments and my technical alignments with price I see a higher likelihood of prices rising even potentially to next weekly supply zone of the $97 range again taking previous highs and also fulfilling the -27% Fibonacci extension confluence that also aligns with this level.
OK so that is what I see here on Brent Crude Oil so let's keep an eye on the seller momentum and the buyer from this level! Cheers!
Comment:
still awaiting discount