Resistance - $51.22 (June 22 high), $52.16, $52.83 Support - $50.11, $49.70, $49.22 Brent needs to close above falling trend line as such a move would add credence to the rebound from the Monday’s rising trend line support and open doors for a cut above recent high of $52.83. On the other hand, intraday failure to take out $51.22 if followed by a...
Support - $48.34 (50% of May 2015 high-Jan 2016 low + 50-DMA), $47.30, $46.75 Resistance - $49.05, $49.82, $50.30 Brent’s exhaustion near rising trend line (red) followed by a break below 5-DMA indicates prices could be heading towards confluence of support at $48.34 (% of May 2015 high-Jan 2016 low + 50-DMA). A violation there would expose rising...
Resistance - $48.34, $48.94-49.09, $49.81-50.00 Support - $47.45, $46.92, $46.16 Prices ticked higher in Asia as strike in Norway threatened to cut supply. As of now prices appear trapped between $48.34 (50% of May 2015 high – Jan 2016 low) and rising trend line support at $46.92 (trend line drawn from Jan low and Feb low). Exhaustion around $48.00...
Simple Rising Wedge Pattern in Downtrend Breaks lower. Target $45.82
Resistance - $50.89-$51.00, $52.08, $52.83 Support - $49.70, $48.34, $47.30 Brent’s failure to sustain above rising trend line (black) if followed by a break below the Asian session low of $49.70 would open doors for a slide to $48.34 (50% of May 2015 high – Jan 2016 low + rising trend line – red). Moreover, Brent’s move lower yesterday has...
Resistance - $50.89, $52.43, $52.83 Support - $50.73 (rising trend line – black), $49.82, $48.62 Brent’s daily closing back above rising trend line – black indicates a temporary bottom is in place at $46.92 and prices could move higher to $52.43 - $52.83 levels if today’s closing is above rising trend line – black as well. On the other hand, repeated...
Brent's failure to take out black rising trend line if followed by a break below $50.00 levels despite bullish inventory report from market intelligence firm Genscape would open doors for a drop to 5-DMA level of $49.00 levels. Breach of 5-DMA would expose support at $48.34. On the higher side, rising trend line (black) if breached on day end closing...
Resistance - $50.00, $50.89, $52.43 Support - $49.26, $48.70, $47.60 Brent's failure to take out $50 (5-MA), if followed by a break below the daily low of $49.26 would open doors for a re-test of $47.60 (rising trend line support - red). On the higher side, a convincing daily close above black rising trend line would add to the bullsih tone and...
Brent looks poised to end higher after six-day losing streak. Prices retreated from high of $52.83 to a low of $46.92 yesterday before rising to $48.40 levels today. Prices looked poised to test and break $46.75 (23.6% of 27.08-52.83) yesterday, but the correction seen today ensured the support remains intact. Prices are also back above rising trend line (red)....
Resistance - $48.62, $49.34, $50.30 Support - $48.34, $47.62, $46.16 Brent's five-day losing streak has pushed the 4-hour RSI into oversold territory. Thus a temporary loss of momentum is likely. Given this, a corrective rally could be seen, especially if prices stage a rebound from $48.34 (50% of May 2015 high-Jan 2016 low). A rebound from the said fibo...
Resistance - $49.55, $50.15, $50.89 Support - $48.89, $48.34, $47.13 Brent’s four-day losing streak may come to an end today if the bullish price RSI divergence seen on the hourly chart results in a break above $49.55 (rising trend line – black seen on daily chart). In such a case, doors would open for a test of daily 5-MA located around $50.15. ...
USOIL on the Control Point but Up or Down crash...
Resistance - $51.84, $52.43, $52.83 Support - $51.25, $50.89-50.72, $50.00 Brent's bearish price rsi divergence on the hourly chart followed by a break below $52.00 levels indicates the prices could drop to $51.25 (hourly 100-MA) levels. A break lower lower could yield $50.89-$50.72. On a larger scheme of things, bullish invalidation is see only if...
Resistance - $52.83, $53.05, $54.00 Support - $52.43, $51.91, $51.50 Us weekly inventory data released yesterday showed inventories fell for the third consecutive week, dropping by 3.2 million barrels versus expectations for a 2.7 million-barrel drawdown. This is a good news since it shows suppliers trust the current rally in prices . However, gasoline...
RSI is oversold, MACD is nearly at its peak when compared to previous turn overs on the 4 hour and daily charts, price is about to hit the bullish trend channel's resistance and if there is a rejection then we may see it drop to 49.80 before a reversal happens for a potential long position.
Resistance - $51.50, $52.43, $54.00-54.10 Support - $50.89, $50.00, $49.33 Prices clocked a high of $50.81 yesterday but ended the day at $50.49, which means we are yet to see a day end closing above resistance at $50.81 levels. Nevertheless, Brent has moved higher in Asia and is now challenging channel (blue) resistance around $51.50. An hourly...
Support – 1.4330, 1.43, 1.4236 Resistance – 1.4423, 1.4484-1.4509, 1.4551 Last week’s red candle marked another failure to hold above 1.4629 (23.6% of 1.7193-1.3836). Over the last six weeks, the pair has repeatedly run into offers above 1.4629 levels, leading to a weekly closing below the same. Similar thing was witnessed in Jan 2016 when the pair ran...
Resistance - $50.83, $51.40, $52.42 Support - $49.73, $49.08, $48.58 Brent finds itself stuck in a rising channel of sorts with a minor head and shoulder inside it (neckline support at $48.58). The bearish price-RSI divergence seen on the above 4-hour chart, coupled with repeated failure to hold above $50.00 indicates prices may see a bearish break...