Price is hovering above a key support zone at 77.80 on the H4 timeframe. A break below this zone, which is in line with the 78.6% Fibonacci extension level, could provide the bearish acceleration for a further throwback to the next support zone at 72.80, which coincides with the 78.6% Fibonacci retracement. Price is holding below the 20 EMA and Ichimoku cloud,...
Midterm forecast:
. While the price is below the resistance 46.50, beginning of downtrend is expected.
. We make sure when the support at 40.00 breaks.
. If the resistance at 46.50 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08...
Friends, support this idea with your Like and any Comment. Thanks.
I expect the start of price growth BRENT in the framework of the impulse wave C.
Trade entry, take profit, stop loss levels are available to participants of the SAV Trading Room.
You will find more trading ideas in SAV Finance community.
![USOIL: [OIL] target: $110](https://s3.tradingview.com/w/WbrW56qI_mid.png "[OIL] target: $110")
![WTI: [OIL] Bullish](https://s3.tradingview.com/8/8JKegasm_mid.png "[OIL] Bullish")
