Evidence of a head and shoulders pattern forming.
Already developed shoulder and a head structure.
Using FIB Retracement, designed a the first bottom that will decide the supporting line for the price in May 2021
Happy trading to all.
Today in the petro world we have the OPEC-JMMC Meetings which could move the Oil markets, brent, wti and the petro currencies.
Based on what I see right now I think WTI has a good chance of going up...
We are making higher lows and have a contraction in place.
since the idea is based on 15mn time frame, this idea is available only for one day.
let's see if the market will give me reason today
if you like the post, don't hesitate to discuss it with me or thumble up and follow me
Last week we saw brent oil break the 50% retracement level from the free fall in price from over supply and lack of demand from the corona virus at the start of the year.
This week we have seen a pullback edging to this retracement level, will the bulls continue to prop the market up or has momentum finally ran out? With fundamental data showing a gloomy...
Price has consolidated, forming an Ascending Triangle.
As Price is above the 200EMA, I anticipate a breakout to the upside and will seek confirmation of the breakout with a close above $42 (orange line).
Target #1: ~$45 (Closing the gap down from 6th March lows)
Target #2: $50 (Confluence zone of 61.8% from Jan highs + 127% fib extension from April lows)
Oil has fallen to pre-crisis (Houthi rebels/Iran attack) and filled in the original gap.
Price has closed just above the start of a large support zone (~400 pips)
The RSI2 is approaching oversold conditions
Whilst the dominant trend is certainly to the downside, this support zone has been defended by bulls in the past. This should give many opportunities to get...
If respite do not come for Brent Oil in terms of buyers to increase demand between 50 and 55.25, the black gold is likely to make a higher low at around 36 in a couple of months. Looking at the chart, it took Brent Oil about two and half years to rally from its low at 27.08 in January 2016 to its high at 86.72 during October 2018. Since after that, it has being on...
After taking profit at 72 and 70 on our recent short I'm now actively looking to go long from 70.80 so I have to wait for a pull back before entry.
Although it has been a bank holiday I still feel the outside bar is valid, showing strong rejection from the lower BB.
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...
A bearish engulfing daily candlestick has confirmed the 20/50 DMA resistance zone
Scenario A) Wait for rebound up towards 74.50 and move off oversold conditions on 4hr chart
Scenario B) Follow 4hr trend lower as price breaks below 73
Brent crude had a dramatic 6% daily drop on Wednesday-
The break of a long term up-trendline is a likely precursor to more weakness.
Price rebounds from 72.50 support back towards 76 resistance.
Bearish action resumes from 76 or price continues higher into range
Price continues to fall below broken trend line with immediate break of 72.50
Although Canadian numbers came in VERY weak, oil prevented USDCAD from flying up to the moon and kept it contained. OPEC has agreed to a smaller than expected production boost, estimated 1m combined per day output increase. Technicals are pointing towards a minor correction, whether USDCAD will then continue up remains to be seen. 1.3383 is the latest high wick,...