A huge bullish candle on 4H suggests strength in this market.
The small bearish candle is probably profit taking and consolidation. If price should break above this candle I will be taking a long position and targeting the top of the range around the $57.40 area.
A more conservative target is the $56 level which has confluence with the 61.8% Fibonacci level.
Opec to cut or not to cut?
* I trade Oil seldomly however this binary position caught my attention.*
1.This trade derives from my view regarding cartels - a view which follows the logic that they only work when the cartel makes an arrangement that is beneficial to all parties, wholly from a profit perspective.
2. Formal action of Reducing output is unlikely to...
Brent crude looking like it is about to retest based upon the breakout we saw earlier in the week. I will be looking at the price action around the $47 handle to see whether we have tall wicks and other signs that prices are unlikely to hold above this level. Target will be $41.50.
Triangle pattern in Brent. Will be looking to trade a breakout by entering on a retest of support or resistance (role reversal), depending upon the direction of the move. Not much else to say here really - just a visual aid by which to look at price action in the coming few weeks.
At the risk of sounding like a broken record player, another bounce is on the cards. I say bounce because it's due to be "corrective", which means there will still be a new low to follow.
Currently we can see that the divergence on the MACD is even greater than when we were looking for the red wave iv, a MACD "buy" signal could provide a great entry for the short...