Brent crude remains stuck between the 100- and 200-DMAs on Monday, with futures struggle to get back above the $67 handle after marginal gains late last week. The market remains in limbo against the backdrop of some contradictory factors.
Some pressure comes amid reports that tropical storm Barry weakened to a “depression”, which means that there won’t be...
Price has recently broken out of consolidation to the downside.
Price has now retraced to retest former support, which I anticipate acting as resistance. There is confluence with the 38.2 fib and the 20EMA.
~1:1 RR for conservative targets at $62 - $62.20s
Full extension of the move could see a retest of the lows from 12/06 around the $59.40s
Crude oil prices failed to stage a sustainable rally on Monday as Brent attracted an aggressive profit-taking above $66.50 and now tries to cling to the $65 level as traders continue to express concerns over the slowing global growth after disappointing manufacturing PMIs in major countries.
Market participants were not inspired by OPEC decision to extend the...
Brent crude refreshed June highs around $65.43 on Wednesday and tries to settle above the $65 handle as the G20 summit looms. Risk sentiment has deteriorated somehow after comments from Fed’s Powell and Bullard were not as dovish as expected. But this is overshadowed by lingering tensions between the US and Iran, fueling concerns over possible supply...
Look at the chart carefully.
it may look like a down fall still not ,price is reversing and it will again go to 65 lelvel before it makes any down move.
As per the LBLS indicator in various timeframe the price is captured.
Long is possible !
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
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...