First of all, it has a short term downside moves till 10 March after that it broke the downside trend line and it found two targets of 68.75 and 70.20 which it has shown on the chart, this two targets have a time modeling which it took till 21 March. we saw some upside moves but "Not reaching to second target" shows that the "Buyers" didn't have enough power so we should model the former downside for the continue. with this Note :
** Note: If the "buyers" don't have enough power we should model More than former downside moves.
we model this former moves with time modeling and it reacted exactly on our time targets. so here we should wait for "buyers" to have some moves.
now we have 2 scenarios :
1. till 28 March the price comes up to 68.75 and shows that "buyers" are enough for it. so we will model the former downside after it and we'll wait for a lot of upside moves in Brent Crude Oil.
2. till 28 March, the price cant reach above the big resistance of 67.85 so we will wait to have a Double top pattern and this commodity will have a lot of down side moves.
but in both scenarios we now that its the time of "Buyers" to approve themselves.
** Note: If the "buyers" don't have enough power we should model More than former downside moves.
we model this former moves with time modeling and it reacted exactly on our time targets. so here we should wait for "buyers" to have some moves.
now we have 2 scenarios :
1. till 28 March the price comes up to 68.75 and shows that "buyers" are enough for it. so we will model the former downside after it and we'll wait for a lot of upside moves in Brent Crude Oil.
2. till 28 March, the price cant reach above the big resistance of 67.85 so we will wait to have a Double top pattern and this commodity will have a lot of down side moves.
but in both scenarios we now that its the time of "Buyers" to approve themselves.
Trade closed: target reached:
The first target Reached !!
Stay TUNED !!
Stay TUNED !!