My BCOUSD LONG trade that I posted some back () has reached its first target and I'm holding until we reach the next line of
resistance at 34.46. There's a huge area of space above this level so it will be interesting to see if price can break through this resistance and push further...
Hard to even imagine that Brent Crude hit $149 back in 2008. Now standing at 22.32 surely this looks a good place to buy. At these low levels there's no historical support buy with RSI on the Monthly time frame at 26 and signs of a move north on mid time frames I'm in on this trade at 22.39 with a STOP under the low at 16.95 and a provisional target at WR1 Pivot...
BCOUSD went to a low of 53.55 with a steady upward monemt now at 57.70, my fractal method shows a sharp movement north to 66.00 although a pull back at this point should be action to look for, I see a slower continuation north to around the 74.00 region
BCOUSD, Sell on H1.
- Test resistance D1 and move down
- Downtrend forming
- Tendency: Downward
- Below resistance and 2 EMA
-> Waiting re-test resistance
--> Give signal candle
==> Sell ( Continuous downtrend - Minor downtrend)
Decembers ascending trendline from the end of 2018 as you can see price has closed below it, I can see consolidation within the 4hr range and support. (green)
With price below this trend, along with the strong 65 area, the bottom of our macro range previously a support, now becoming resistance, i can't see this rallying further.
I feel there is too much...