As we predict Brent Crude Oil was trading in a narrow range correction trading week. And now it hit my buying zone.
It looks like a standard wave 4 pattern, now it seems trading in PDTB (Pull Down To Buy) area by major traders.
I will like to buy from here.
Stop loss: 35.5
1st Target: 150 day moving average:
2nd Target Previous high: 42.52
3rd Target: 44...
A Healthy Correction Narrow Range Trading between 2 neck line:
1. The upper side: 42.52 (Key Pressure Neck Line)
2. The lower side: 39 (Support Neck Line)
Key Pressure
1. 150 (half year working days) days Moving Average:
2. Key Pressure Neck Line: 42.21 is The Low price of 2015/08/24. We connect this point to the low 42.41 of 2015/12/02 forming a key...
Is Russia Currency the Crude Oil Currency?
Russia Ruble VS Brent Crude Oil Price:
1. The Russia Currency is tightly connect to Brent Crude Oil Price.
2. Most of the time Brent Crude Oil price above the value of Russia Ruble.
3. It looks like currently the Crude Oil price is somewhat under value in Russia Ruble.
Weekly chart 4 soldiers has been build.
Back test support this week. It stands good above the support level.
If the back test is wave 4, then wave 5 target will be:
1st target: 42.41 => Reach
2nd target: 44.50
3rd target: 49.30
Support:
1: 40.70
2: 39.04
3: 38.30
4: 37.55
Spreading Trading -- Buyer Brent and Sell WTI Crude Oil:
Reason:
1. Most of the time Brent Crude Oil price higher than WTI Crude Oil Price.
2. Only around 1 months period that this spread is lower than 1.26 from Jan 2015 to now.
3. Normally, Recent Spread was kept around USD3 to USD3.5 per barrel
I can clearly see where this is going.
My target for a definite low for Brent will nevertheless be at the area marked in Yellow with a thick Green line
The psychic border of entering below 20$ as well as the geopolitical crash that would occur makes me think there is no way we can enter below 20$ Brent
We are in Bullish AB=CD since point D in blue 45.87$ with ratio of 1.13
could short until point D in green at 39.08$ with maximum ratio of 2.618 but actual probability is low
because we are having support with pitchfork as seen on chart
We are in Bullish AB=CD pattern
could be a good entry point since point D in blue at 41.78$ with minimum ratio of 1.13
AND could short until point D in green until 33.06$ with maximum ratio of 2.618
Actually I'm long as you can see on chart
If there is a relation between USOIL and UKOIL
one is doing descending triangle while the other doing a pennant or bullish wedge
wich one is powerful?
I'm anticipating a great swing, do you?
all comments are welcome, one way or the other, we will learn again
UPDATE: Closed at 61.50
EDIT -- ZOOM OUT TO SEE FLAG, take no notice of the Harmonic Pattern
This is a clear bearish flag, no doubt about it. Been rebounding in the channel since the start of Jan2015.
A break of the lower part of the channel could signal a further fall continuation to previous Supports/Resistances of
54.58, 52.17 and more severely, the Jan...
