Brent oil now sits on a support and a rejection at this level could determine if there could be reversal to the upside or continuation of the down-trend. If the support level is violated, then brent oil next support is around 48.
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Price appears to have started a new bullish rotation with some follow-through after the large outside bar on 1st Nov.
Price consolidated and broke to the downside on Friday, which was swiftly and powerfully rejected.
Expecting a continuation of the move higher, I am looking for a swing long (as seen on charts), with targets at:
Support and resistance are converging for brent oil. In the coming days, it will be forced to break out either to the upside or downside. Subsequently, a strong trending phase could ensue. Following the volatility after the Saudi attack last month, brent oil retraced back to prior support around $57.40, as shown in the chart.
Support around this area comes not...
Double bottom on the price of UK OIL with bullish divergence on the RSI on the daily chart,
Good entry for longs and taking profits at $62 where the 20 MA is at at the moment , price in case of an uptrend most likely will travel towards that level,
Also Fibonacci taken from the high to low of the descending channel we have been trading in for the last few...
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...
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.