I have received very lovely comments after yesterday's post on gold
and many of you asked me to clarify the picture on WTI.
The first thing to consider is that we haven't seen a pullback for more than 1 month!
Slowly but surely bulls are still keeping pushing the market forward.
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...
Oil has fallen to pre-crisis (Houthi rebels/Iran attack) and filled in the original gap.
Price has closed just above the start of a large support zone (~400 pips)
The RSI2 is approaching oversold conditions
Whilst the dominant trend is certainly to the downside, this support zone has been defended by bulls in the past. This should give many opportunities to get...
With the drones attack on Saudi Arabia's oil processing facilities, the tide is changing for the price of oil. Currently sitting on a daily support, UKOIL most likely to gap-up at market open to commence a new uptrend.
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...