Long
Long Brent @ 45.72/44.54 tgt 48.30/50.50 (CBV2016)
Possibly the price has reached its Daily Cycle Low on Friday, July 22.
Expecting rebound to 50.50 in the first decade of August.
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First buy limit activated @ 45.72 (DMA200)
Another buy limit @ 44.54 (162% fibo of wave C of W formation / major weekly support)
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Rationale:
MA200 reached (Daily close confirmation)
Diagonal triangle formed, Bearish wave likely completed
(Weak) Bullish Price/Oscillator Divergence + buy area reached (based on previous DCLs)
Daily Sentiment Index @ 35% bulls
Expected DCL on July 21-26
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Daily close below 44.00 next week invalidates this idea.
First warning sign if daily close is below DMA200 or 46.90 resistance stands.
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Safe trades!
Expecting rebound to 50.50 in the first decade of August.
-------------------
First buy limit activated @ 45.72 (DMA200)
Another buy limit @ 44.54 (162% fibo of wave C of W formation / major weekly support)
-------------------
Rationale:
MA200 reached (Daily close confirmation)
Diagonal triangle formed, Bearish wave likely completed
(Weak) Bullish Price/Oscillator Divergence + buy area reached (based on previous DCLs)
Daily Sentiment Index @ 35% bulls
Expected DCL on July 21-26
-------------------------------
Daily close below 44.00 next week invalidates this idea.
First warning sign if daily close is below DMA200 or 46.90 resistance stands.
-------------------------------
Safe trades!
Order cancelled
2nd buylimit move @ 44.83 Note
Final buylimit @ 43.72Trade active
Preparing for take-off. Tgt adjustments 46/48Note
Knife catching roadmap for current preferred scenario Trade active
Well, averaged down to 44.23. Fridays' move looks like a corrective one, thus expecting at least one more impulse to the south. Planning to get rid of some longs @ 44-45 first and then we'll see.Trade active
Well, have 6 long entries at present avg @ 43.61Blue scenario preferred: thus it makes sense to fix profit in blue box
TP1 44.04 TP2 44.53 TP3 45.08
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.