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...
Price has stalled at the 61.8 Fib level, where there is some market structure.
IF price should begin to retrace, I will be watching the $78.70 level for a retest, and then continuation of the bear trend.
Targets are whatever the previous low is, with 2nd targets at the $70.30 level which has several confluence factors.
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
Last post: June 5th. See chart.
Review: Price was being propped up by a pivot support zone and the daily 50sma.
Update: Price has broken through support with an aggressive bearish bar on Friday.
Conclusion: Price is within a support zone that we want to see hold strong. Any further weakness and we will look to cut out of our long trade.
Any comments or...
Last post: May 30th. See chart.
Review: Price was bouncing off support and heading back towards $80.
Update: Bullish strength was short-lived and the bears have taken price back to support.
Conclusion: We want to see support hold strong again and for price to break through $80 and then trend through to $100. Patience needed.
Any comments or questions, do...
Last post: May 27th. See chart.
Review: Price is in a bull trend but was pulling back after finding resistance at $80.
Update: Price has found support at a pivot level and we have seen strong bullish action today.
Conclusion: A potential bull flag is possible but need a break and close above $80 and the May pivot high to confirm that.
Any comments or...
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
This commodity is featuring for the first time on our TradingView blogs.
Current setup: Price has been in a bull trend since last year. Most recently, price broke out of consolidation in April and trended well to $80.
Conclusion: Price is struggling to break through $80. We will be standing aside until a break and close above $80 to add more long trades.
Oil traders have not yet decided on further price direction, but rather are looking for an excuse for pullback than for backing last week rally. According to Baker Hughes, the number of drilling rigs in the US increased last week while production reached a record 9.62M bpd. The most alarming part in fundamental picture of the US output was the pace of...
Brent continues the rebound towards the target at 47.95
BRENT- ADX / ADM -1.04% - TS 0.52% V. 2.8.4 - Intraday Levels for the 11/07/2017
ADM - Average Daily Movement - Intraday Levels
Close to closing time ... if exceeded the indicated level
On the CBU17 Contract - Sep '17
LONG if> 47.56
TP1 = 48.13
TP2 = 48.77
TP3 = 50.05
Stop Loss = 46.58
Price has been consolidating/ranging between $58 - $53.
Following recent tests of support levels around $54, price has formed a morning star candlestick pattern on the daily chart.
Although this pattern is not at the end of a trend, price could see some bullish follow through in the next couple of days.
I will be looking to get long on any pullbacks intraday,...
Weakening in the short-term, stronger in the long-run.
In the scenario of a lower crude oil inventory and Opec and Russian Crude Oil Export cuts, we identify a trading opportunity for a long-term position. Brent crude oil could move back to the moving average levels of $53/bl to then reassume a bullish pattern.
The crude oil market continues oversupplied just...