Fib %50 retracement Ascending wedge support Minor Trend line Past daily resistance acting support ?
UK oil is inside a symmetry triangle now. Pay attention to which side will be broken. Based on triangle pattern target prediction, it will move the same distance with bottom triangle line which means there will be 5.8 dollar moving up or down after braking. My suggestion is open position based on the break direction with sl inside the triangle. Enjoy the trading!
Oil is staying in parallel channel until it breaks it and goes into a clear direction. A breakout above 62 or below 58 signals the start of either a bull or a bear market. Since it broke previous channel, market might be biased for short, but at the same time, with some big buyer buying, might be biased for long. Short below 58 Long above 62 Buy/sell...
Oil is staying in parallel channel until it breaks it and goes into a clear direction. A breakout above 62 or below 58 signals the start of either a bull or a bear market. Since it broke previous channel, market might be biased for short, but at the same time, with some big buyer buying, might be biased for long. Short below 58 Long above 62 Buy/sell according...
fundamentally with oil prices recovering from its lows and oil suppliers looking to increase market shares "news linked below" and technically reaching 200 days moving average, so a pressure on oil prices expected. we can see from the chart that a bearish ABCD pattern have formed and i have insert price target in between 38.2%-61.8% Fibonacci retracement first 60...
Long if ma 50 will cross the ma 200 ? what do you guys think ?
I think it will be local hight soon and we will go down to 28.50$ per barrel.
If it drops again below 52, then wave will most probably be over and a new wave is in progress initially targeting $38.
Basically, WTI and brent will move in synch so I'll spare you the "it's gonna be choppy, likely reversal down, etc." stuff...just read the WTI analysis. My line in the sand is 58.5. Below only shorts, above only longs. Right now the bias is short! Will wait and see what tomorrow brings though.
My medium to term outlook is (still) short. WTI's about to enter a supply zone at 52-54 that has held since February. On the other hand, WTI's really close to breaking through the daily Ichi cloud and basically has this week to head south before automatically breaking through. Brent has already broken through the cloud by a few pips. Having said that, nothing on...
So as per my daily analysis, I'm only really after shorts below 57.75. Having said that, it's not an exacxt science, so if that level breaks I'll be paying close attention to the 59.25 level...the previous high. If I get a good short signal there, I'm going to take it despite being above 57.75. If it breaks of course, I'm looooooooooooong until someone knocks me...