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Brent

UKOIL(BRENT)-06/19/2023Preferred direction: BUY Comment: Closing the price above the local resistance 76.30 creates a potential movement for buyers towards 77.39. This will be another major buying hurdle as it is medium term resistance. Given the context of the price movement towards this resistance, there is a very high probability of a breakout to the upside. Perhaps this will not be the biggest upward impulse, however, the approach to the round value of 80 will most likely be provided. Thank you for like and share your views!
TVC:UKOILLong
by Strifor
3
#OIL #OOTT UpdateI think I just decoded the oil chart. I have been contemplating a rise to $90+ because I expected ABC flat where I now see WXY combination of zigzag, zigzag and triangle. The chart now perfectly aligns with Brent where wave [ B] did make lowest low presumably shaping a symmetrical triangle whereas WTI is working on a running triangle. That means that we have only strong push left upwards from current low which should come either as a straight impulse or an expanding diagonal which will be extremely annoying.
TVC:USOIL
by Fomenka
#Gasoil Update Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve. In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel fuel. What I also dislike a bit here is that wave (ii) seems a bit too complicated, being a combination of flat w, simple zigzag x and another simple zigzag y. I was taught that although possible such combinations are rare and shall be used only labeling in retrospective when no other alternatives fit. Now it is part of the ongoing trade and if I am proven wrong I will have to stricten my rules about this combination.
VANTAGE:GASOIL
by Fomenka
#Oil #OOTT UpdateWow oil has been very tough lately. Many times I jumped the gun with long calls. I am actually bearish into the end of 2023. The reason I am so stubborn to pick the local bottom is that my charts just do not make sense without this last big jump to 90-100 range that I expect any time soon. The chart is a complete meat grinder. The price is actually trading under moving averages on many timeframes and sending me bearish technical signals. There are bearish candles and engulfings all over the chart. It is only the Elliott Wave count that keeps me bullish since I cannot see an alternative that could continue the downtrend. However, I am running out of bullish counts as well. The leading diagonal is very risky bet without having it fully formed. However, besides Elliott Wave count there are emerging signs in support of bullish case. See the falling trendline that the price broke through and now retesting from above in a good bye kiss? Gasoil chart looks more pointed upwards trading above moving averages. And gasoil crack has made a bottom and is recovering (will post as an update to this chart).
TVC:USOIL
by Fomenka
1
WTI UpdateOkay, the Saudis did cut. I must confess that I underestimated His Royal Highness's ability to surprise. That leaves us with a possible gap on Monday. Given the market pressures and the fact that the previous cut was ineffective in sustaining the price, the gap is unlikely to be as large as in April. The gap is, most likely, wave 3 of (c) of the first wave up in the leading diagonal. There is still a chance that wave (ii) will close the gap, as shown on the chart. MBS, you did an excellent job. I am not as long as I could have been.
TVC:USOIL
by Fomenka
3