The overall decline of Brent crude benchmark prices from $86.70 per barrel to $65.72 went within the five-wave pattern. Yet, it could possibly transform to an ABC correction with an A wave that we are witnessing now, or we may have an incoming bearish trend, but we may certainly depict one more downside wave.
The first wave that finished from $86.70 to $80.20;
The...
While WTI OIL is making new lows, Bret OIL stopped its descend and is consolidating in the 28 old resistance area.
I believe next week will be one of gains for both WTI and Bret and I'm looking to buy Bret OIL for a retest of 35-36 resistance.
Also, a buy trade can have a comfortable 1:3 risk: reward ratio.
Support – $46.72, $45.32, $43.89
Resistance - $48.26, $48.73, $49.81
Brent’s move lower yesterday has confirmed a bearish price RSI divergence on the daily chart, thus indicating prices could move lower to support at $46.72 and $45.32.
Intraday bearish invalidation is seen only if prices move back above Asian session high of $48.73, in which case...
