Pivot
78.20
Our preference
Long positions above 78.20 with targets at 80.20 & 81.30 in extension.
Alternative scenario
Below 78.20 look for further downside with 77.60 & 77.10 as targets.
Comment
The next resistances are at 80.20 and then at 81.30.
Supports and resistances
82.40
81.30
80.20
79.29 Last
78.20
77.60
77.10
Number of asterisks...
Brent - 24 expiry
The rally was sold and the dip bought resulting in mild net gains yesterday.
Intraday, and we are between bespoke support and resistance 73.72-81.78.
Immediate signals are hard to interpret.
Previous resistance, now becomes support at 77.40.
There is no clear indication that the upward move is coming to an end.
We look to Buy at 77.40...
Oil is forming a bullish falling wedge pattern. If a breakout occurs, it will trigger a major bull run toward the big red or 200-day MA and beyond.
Oil found support in the summer area of support and bounced nicely. Now, it is trying to break the pattern and continue to rise.
MACD has already shown a line cross, indicating bullish momentum, while RSI is also...
Pivot
78.70
Our preference
Short positions below 78.70 with targets at 77.10 & 76.40 in extension.
Alternative scenario
Above 78.70 look for further upside with 79.50 & 80.20 as targets.
Comment
The RSI lacks upward momentum.
Supports and resistances
80.20
79.50
78.70
78.10 Last
77.10
76.40
75.80
Number of asterisks represents the strength of...
Brent is still inside its long-term descending channel and has not yet broken out of this range. And there is a price corrective movement that is formed in the form of a rally base rally pattern that can be profited from the second rally movement.
#Brent crude oil - H1
📣 Based on the chart structure on the 1-hour timeframe, if the downtrend is broken around 75.84, there is an expectation for price growth towards the range of 78.00.
⛔ Stop Loss: 74.30
On the other hand, with a break below the range of 74.30, one can consider selling with a target of 72.40.
⛔ Stop Loss: 75.84
UKOIL is trading in the descending channel, making lower lows.
It pulled back following the divergence at the support level.
Price is testing the resistance level, which creates a kill zone to short the market.
We anticipate a trend-continuation trade.
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Share your opinion in the comments and support the idea with a like. Thanks for your support!
If the range of 75.5 units is broken downwards and the price stabilizes below it, the price may fall to the range of 74.0 units, and in case of strength, the range of 73.0 units
Otherwise, the possibility of price increase up to the range of 79.5 units
Hello!
I am a big fan of the Elliott wave principle, which I find very interesting and useful for market analysis. I have developed my analytical approach by combining this principle with my personal experience and considering various scenarios that could occur in the market.
While I would like to share my analysis with you, please note that I am not providing a...
Hello!
I am a big fan of the Elliott wave principle, which I find very interesting and useful for market analysis. I have developed my analytical approach by combining this principle with my personal experience and considering various scenarios that could occur in the market.
While I would like to share my analysis with you, please note that I am not providing a...
The entry, exit and stop loss points are on the chart, please make sure of them and do not risk, this is our analysis and ideas.
Please observe the capital carefully and do not risk more than 1% of your capital
Good luck to everyone
Hi Fellow Realistic Traders. Here's my latest price action analysis on Oil!
The oil market has recently witnessed a significant head and shoulders pattern breakout, signaling a clear shift towards a bearish reversal scenario. Subsequently, the price has persistently descended below the EMA200 line, affirming the establishment of a robust downtrend. Further...
Taking a shot at a possible bottom in Brent Crude Oil.
Price is currently at support zone (grey area). I am taking a long with SL at 71, which is below support.
Basis of this trade is purely from an Elliott Wave perspective.
5 waves of two degrees are done, and I take this as a C wave.
Minimum target is 84.50, with a possibility to reach Wave B at 93.80.
