uk oil has been in downtrend for a very long time now with price making a bearish flag on the daily chart.
Waiting for price to complete the bearish flag with one more move up, I say this because price made a double bottom and retested previous support so I am hoping price does the same before melting down at the top of the flag...
Look at the longbuylongsellindicator based script analysis. Here in 1hr and 1w 1d all is in deep red.
The 1hr might look like in green buy zone however not,check the strengthmeters that is forming on top as per longbuylongsellindicator that is the sign it will further fall down
Wait for it to come down ,before you enter for long.
The lbls script is below
Target 1 300 pips
Target 2 700 pips
These are big targets but this is because this is a swing trade so will be held over days/ weeks even months sometimes, I prefer these types of trades as the rewards are bigger and you don't have to keep checking the trade every hour or every day and you can just get on with your everyday life.
Now the reason I think this is...
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.
Several important things converge on UK Oil price (on weekly chart) creating probabilities for the south on most lower time frames:
1. Original Grade A ATR switch for the south.
2. Bullish rebellion into a near 61.8% Fib
3. Weak squeeze momentum rebellion (so far).
4. Horizontal zone of congestion near recent price.
5. VMA resistance level.
Note that VMA and...
The BRENT.CMD pair has been trading in a medium-term ascending channel pattern since the end of December 2018. The pair re-tested the lower boundary of the channel pattern at 66.50 during last week’s trading session.
As for the near future, it is likely that the Brent crude oil prices will continue to appreciate and potentially hits the $70 mark before the end...
You can see from our support line ( green line ) that this is a VERY strong level that price has bounced of many times, Price has also bounced off this level this week and we can see a run up to our resistance zone ( green box )
Of course surrounding Brexit and businesses not knowing how the deal or no deal will affect them and trading then you have to be...
The position to be immediately executed is short UKOIL due to the fact it is trading near a previous resistance level which is seeming to be a good market structure level to enter from. The RSI again is not very helpful in conformation but the MA shows us that the price is trading above and therefore price could potentially need to let off steam before continuing...
The first time I've actually looked at Oil but let's see how this goes, as the structure corresponds with fib levels it would be interesting to enter a short indicated by the first green line, a long wick candlestick previously reached this region before a reversal, if Oil can break below I think there is potential to hit the following green lines. Market...
I was long on UKOIL on a lower time frame, as there were early indications that it could be heading north. My trend following assessments then changed, as the picture unfolded. I decided to bail out just in time for no loss.
I don't care if it now jumps north. At this point in time - based on what I see - I now think the probability for the daily time frame is...
This is my first post, so I'll keep it short.
Fundamentally: Bullish. This company is expected to start pumping oil in early 2019. Keep an eye on oil prices.
Technically: After going below the 200MA on daily chart, I think there's strong potential to get a better entry so rather than illustrate a stop, I've attempted to include an accumulation...
The move down from the 3rd of October high is currently at the 50% retracement level of the entire move up from the 21st of July low. Should this level hold and we see prices push higher the 32.8% retracement of the move down from the 3rd of October high would be at $74.4. This would be my upside target. Stochastic is in oversold territory and has been for some...
Most of the time the longbuylongsell and profit Max early gives confirmation for entry long or entry short and almost all the time this is working good .
Once the BackGround color changes to Green UKOIL will be long entry as per LongBuyLongSell and Profit Max .Happy trading
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