Take care & analyzed it again - it`s always your decission ... (for a bigger picture zoom the chart) Best regards Aaron
Next week seems like brent could be taking a downturn at least to the previous structure before target 1, though since brent has reached the .618 retracement there is a probability that it may fall back tho the .618 structure laid by the previous rally, this would be target 1, though due to the OPEC supply cut I doubt we might see this reaching target 2 so look...
This is only a trading capability - no recommendation !!! Next week i`ll confirm or change my opinion about this SetUp :) Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron
Oil failed to break its 1H resistance (in dotted red), the price will return to the 1H ascending support and more than probably rebound on it after that. Any break of the ascending support will have oil return back to the 1D ascending support (in black).
I don't expect this to take on during the day but it should complete throughout the weekend since the week chart seems to be ending with a Doji star. Target 1 was set with an opposing .618 but I'm not expecting it to bounce off that retracement by much.
SL above X (56.47), entry 55.96, targets 55.12, 54.39 NOTE: Oanda has different quotes as many other brokers. work therefore proportionally
Reversal Head and Shoulder on Weekly chart
I belive oil complete its C wave around $30. We shall see price to rally up to wave A (marked buy blue box) in later months.
.618 long reached target 1 but as it has stomped into a new .618 for a short movement, it seems we might see brent bouncing back down to a 53.4 - 53.2 to retest the lows