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Brentcrude

BULLISH TRIDENTWeakening in the short-term, stronger in the long-run. In the scenario of a lower crude oil inventory and Opec and Russian Crude Oil Export cuts, we identify a trading opportunity for a long-term position. Brent crude oil could move back to the moving average levels of $53/bl to then reassume a bullish pattern. The crude oil market continues oversupplied just three weeks after the OPEC meeting where members countries agree to reduce production by 1.2 million barrels per day in January 2017 subject to a commitment from Russia to cut production. Since then, it appears that Saudi Arabia and Russia continue producing at records levels whilst US inventories continue being a hot indicator for traders and investors. On Tuesday, December 19, the American Petroleum Institute’s (API) weekly report indicated a substantial draw in the US crude oil commercial stock levels. Today the U.S. Energy Information Administration (EIA) on its weekly petroleum report surprises the market with an increase of 2.25 million barrels. Regardless of the inventory level, the market seems to seek an upward trend. However, different indicators suggest a short trade with the crude oil weakening to levels close to the moving average where triple tops test a relevant price level. In the long-term, we see crude oil price to bounce back and resume the channel drew by the trident.
CLong
by QuantVox
BULLISH TRIDENTWeakening in the short-term, stronger in the long-run. In the scenario of a lower crude oil inventory and Opec and Russian Crude Oil Export cuts, we identify a trading opportunity for a long-term position. Brent crude oil could move back to the moving average levels of $53/bl to then reassume a bullish pattern. The crude oil market continues oversupplied just three weeks after the OPEC meeting where members countries agree to reduce production by 1.2 million barrels per day in January 2017 subject to a commitment from Russia to cut production. Since then, it appears that Saudi Arabia and Russia continue producing at records levels whilst US inventories continue being a hot indicator for traders and investors. On Tuesday, December 19, the American Petroleum Institute’s (API) weekly report indicated a substantial draw in the US crude oil commercial stock levels. Today the U.S. Energy Information Administration (EIA) on its weekly petroleum report surprises the market with an increase of 2.25 million barrels. Regardless of the inventory level, the market seems to seek an upward trend. However, different indicators suggest a short trade with the crude oil weakening to levels close to the moving average where triple tops test a relevant price level. In the long-term, we see crude oil price to bounce back and resume the channel drew by the trident.
CLong
by QuantVox
1
BCOUSD @ 1h @ recovery is imminent (this 51th week)Between 54.015 & 53.800 and between 53.800 & 50.800 the big picture is still bullish ... Start of last week we got a good news from the OPEC - as the price rocked Up (from 53.130 until 55.501). Suitable in this context is maybe the technical fact, that while the 2nd half of the week, traders traded BCOUSD in a trend-reversal-formation (something like a w wave). And that the price also breaked out of the downside trend (since mondays weekly high & tuesday intraday high). All in all, this fits the great overall picture, in my opinion! In principle, even between 54.015 & 53.800 and between 53.800 & 50.800 a pretty slightly bullish chart ... 56.027 (a) horizontal line - yearly high 2016 55.270 (b) horizontal line - tuesday intraday high 54.684 (c) horizontal line - wednesday intraday high 53.663 horizontal line - (high, start) wave formation 53.458 horizontal line - (high, middle - 1st of 2) wave formation 53.430 horizontal line - (high, middle - 2nd of 2) wave formation 53.423 horizontal line - (high, end) wave formation 53.032 horizontal line - temporarly high of last week before 52.695 horizontal line - (low, start) wave formation 52.511 horizontal line - (low, middle) wave formation 52.113 horizontal line - (low, end) wave formation 51.585 horizontal line - end of startline (last upside trend of last weeks before The highs of the w wave (even horizontal lines) are usefully to get long again or even if you`re not long (more or lesse around 53.663, 53.458, 53.430 & 53.423). The temporarly high of last week before is so much important, at least in my opinion, `cause prices above are confirming even a trend-reversal-formation. On daily candlestick charts you can see and realize better what i mean :) How ever, also the lows of the w wave are usefully to get long, but this would be much more interesting for scalper or even intraday trader. `Cause if the prices around 52.695, 52.511 & 52.113 not holds, 51.585 ios still in play. But all in all as i said at the start BCOUSD prices between 54.015 & 53.800 and between 53.800 & 50.800 are making the big picture is still bullish ... Take care & analyzed it again - it`s always your decission ... (for a bigger picture zoom the chart) This is only a analysis (for swing traders) - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ... Best regards Aaron
OANDA:BCOUSDLong
by Devise2Day