Brent Crude: UKOIL Last long shot,ready to reverse here if wrong
Updated
Brent Crude Oil UKOIL Last long shot with tight stops ready to reverse here if wrong
Right on key support at 62.18 with a low at 62.14. If this fails
here the entire wave from the lows is exhausted. At this
point, if seen, we switch from buying dips to selling rallies - it
will fall away to 61.15, bounce some and then likely fall away
to 59.44 and potentially much lower still.
This is the 4th strike on this parallel. Normally 4th strikes are
good with the parallel only usually losing its power on the 5th.
This means that Brent is a speccy buy here with stops under
62.10 for small 8 pip loss if wrong from here. And if we are,
then that lower parallel gives way and we then switch on a
sixpence to bear stance from bull, looking to sell off the
underside of the parallel if touched again with stops above
by 10 to 15 pips max.
Right on key support at 62.18 with a low at 62.14. If this fails
here the entire wave from the lows is exhausted. At this
point, if seen, we switch from buying dips to selling rallies - it
will fall away to 61.15, bounce some and then likely fall away
to 59.44 and potentially much lower still.
This is the 4th strike on this parallel. Normally 4th strikes are
good with the parallel only usually losing its power on the 5th.
This means that Brent is a speccy buy here with stops under
62.10 for small 8 pip loss if wrong from here. And if we are,
then that lower parallel gives way and we then switch on a
sixpence to bear stance from bull, looking to sell off the
underside of the parallel if touched again with stops above
by 10 to 15 pips max.
Note
Have revrsed short as per above with stop above the parallel by 25 pipsTrade active
Brent Crude UpdateTesting the first support now at 61.23 and already close to 100 pips up now...can rally from here so can take profit or close half and sell from higher again...it can rally right back up to 62.25 break level and potentially destroy profit. Can look to sell from higher and/or on a break below 61.12 looking for minimum 59.44 and likely substantially lower still...let's see if a down-wave starts to develop from the next high reached here...if so, we could have a great medium term trade evolving here.
More as move develops
Note
Brent Update.Brent has rallied back to reistance at 62.23 so am selling with a stop at 62.29 for 20 pip loss if wrong...there could be adowntrend emrging now but it has to fall away from here now to confirm that...if it doesn't it means more range trading until it can work out what it wants to really do next...a bit frustrating at moment as it twitches from bullish to bearish...indecision...unless it falls away now
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