A major correction in Brent crude oil (UKOIL).
- This idea is invalidated if the price exceeds $73.755.
On the monthly chart, it shows that we are forming a 50% Fibonacci correction from wave 1, from where we will further expect growth toward the $115 area, and possibly even a new all-time high due to a military conflict in the Middle East.
I’ve marked potential downside targets on the chart at $46.50, $49.06, and $52.46, from where we will look for entry points for long positions lasting 2 years or more.
- This idea is invalidated if the price exceeds $73.755.
On the monthly chart, it shows that we are forming a 50% Fibonacci correction from wave 1, from where we will further expect growth toward the $115 area, and possibly even a new all-time high due to a military conflict in the Middle East.
I’ve marked potential downside targets on the chart at $46.50, $49.06, and $52.46, from where we will look for entry points for long positions lasting 2 years or more.
Trade active
Trade closed: stop reached
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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.
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.