Brent Tests Multiple Crucial Lines and Levels to Target $90
Updated
Brent oil (UKOIL) is traded near the very critical line of the EMA-100 (the orange area line) on the daily chart. Also, Brent is testing the important Fibonacci level of 38.2% of 87.32 along with the 3/1 line of Gann Fan.
A breakout above these lines suggests a new bullish move for Brent price toward the green shaded area that has a bottom of 91.60 (a crucial support level) and a top of 95.29. The levels of 100.34-99.52 would be the next bullish target if a new breakout above 95.29 and the 4/1 line would occur.
On the flip side, a clear rejection of the EMA-100 and 3/1 lines may invalidate the previous bullish hypothesis and would suggest a further decline toward the red area that consists the 8/1 line, the level of 80.99 and the bottom level of 78.36.
Note: log scale is used in this chart.
(I would appreciate any feedback on the Gann Fan drawing in this chart.)
A breakout above these lines suggests a new bullish move for Brent price toward the green shaded area that has a bottom of 91.60 (a crucial support level) and a top of 95.29. The levels of 100.34-99.52 would be the next bullish target if a new breakout above 95.29 and the 4/1 line would occur.
On the flip side, a clear rejection of the EMA-100 and 3/1 lines may invalidate the previous bullish hypothesis and would suggest a further decline toward the red area that consists the 8/1 line, the level of 80.99 and the bottom level of 78.36.
Note: log scale is used in this chart.
(I would appreciate any feedback on the Gann Fan drawing in this chart.)
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Bullish three-bottom pattern is being formed. Watch out for the upper 3/1 and 38.2% levels for a possible breakout. The green area is the possible target if a breakout would happen.
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