Brentoil
BRENT OIL BULLISH TREND CONTINUATION! BUY BCOUSDHi traders we have a classic trend continuation trade here and the expectation is that the market will likely rally from this point to about the 127.0% or 141.0% Fibonacci extension. This is also a 123 strategy + middle line/61.8% reversal which I teach in my zoom trading classes so let's see if the market will give us the win.
OIL correction Coming upOIL waiting for correction :
1. Raising trend line broken
2. waiting for falling trend line to re-test
3. Red zone near 61% fib
4. Please enter the trade after candle stick patterns or price actions in lower time frame.
Please like or support this idea and share your comments.
CRUDE OIL waiting for the sell setup to formOn DAILY: CRUDE OIL is sitting around a strong resistance zone in green and filling the GAP so we will be looking for objective sell setups on lower timeframes.
on M30: CRUDE OIL is testing a supply zone in green and forming a channel in red (not valid yet) so we are waiting for a new swing to form around our lower red trendline to consider it objective and sell on its break downward.
we also have a regular bearish divergence adding more confluence to our sell setup.
Crude Oil Elliott Wave IdeaUpdate on below idea:
Still believe oil is in a corrective pattern; either WXYXZ up to $41 area, or WXY is already completed at $40,58 and we're in wave 2 of an impulsive move down already. A break above $40,58 invalidates the wave 2 idea, a break above $41,62 invalidates the WXYXZ idea.
UK Oil Here on UK Oil we have a bat pattern and the PRZ is lined up beautifully with a major resistance level!
OIL, Buy after retest and false break downYou will learn the best place where we can trade this instrument at low risk.
Write in the comments all your questions and instruments analysis of which you want to see.
Friends, push the like button, write a comment, and share with your mates - that would be the best THANK YOU.
P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade.
Crude Oil Elliott Wave IdeaUpdate on below idea:
Oil now hit the .618 level and what could be an ABC completed...is oil on the brink of collapse?
UKOIL Brent Crude TECHNICAL OVERVIEW Recently, there has been a lot of news about the fact that oil futures have recently doubled after the last fall, that JP Morgan has earned a couple of billions, and so on and so forth.
It is a rumor that oil will fall again to $ 20 per barrel, I honestly do not really believe in this scenario, since oil is not only a trading product but has a certain influence factor from different countries, so most of the OPEC and OPEC + participants will try to speculate prices and other traders will help them in this.
Now I am exiting LONGS for oil because traders are trying to close the GAP, so we have a certain level where we can observe further price developments.
If we discard the speculative market and look from a technical point of view, we have two variations.
1. In which I very much believe this is breaking through the support level, a small correction, and going up to the golden ratio.
2. This is the exit from the channel and the fall, where we will wait for the bear rally to expire. and buy it again.
I would like to note that this analysis carries with it the subjective opinion of the author and does not force trading and is not a signal for buying or selling instruments.
Take care of yourself, like, and subscribe to my channel, leave comments, and write your own about the current situation.
The future of oil pricesOil prices are likely to fluctuate on the floor and ceiling of Bollinger Bands and are forming a triangle pattern.
Also, in the stochastic market indicator, the formation of the double bottom pattern can be seen, and it seems that the price will be well supported at this point.
Crude Oil Elliott Wave IdeaTo me it looks like oil is in the early stages of C or wave 3, in addition there appears to be a head & shoulder formation after price hit the 0.5 level.
Oil could hit the 1:1 extension at $34,89 to complete a C wave and bounce up to a new high above $41,63, or push down much further to 1.618 extension at $32,12 to complete a wave 3 of deeper C.
Don't miss the great sell opportunity in BrentTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 48.
Take Profits:
TP1= @ 39.70
TP2= @ 38.65
TP3= @ 37.10
TP4= @ 34.10
TP5= @ 32.30
SL: Break Above R3
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Don't miss the great sell opportunity in BrentTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 48.
Take Profits:
TP1= @ 39.70
TP2= @ 38.65
TP3= @ 37.10
TP4= @ 34.10
TP5= @ 32.30
SL: Break Above R3
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
Crude Oil Elliott Wave IdeaUpdate on below idea:
Thinking oil is correcting now but still in an impulsive move downward overall.
If price gets above $39,46 then it would invalidate this theory.
Crude Oil Elliott Wave IdeaUpdate on the below idea:
Oil has hit the .236 extension but could push up to higher extensions...If this 5 wave theory is correct then there should be a large correction coming.
Crude Oil Elliott Wave IdeaSmall timeframe idea for oil.
Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
CRUDE OIL waiting for the sell setup to formon DAILY: CRUDE OIL is approaching a strong resistance in green so we will be looking for objective sell setups on lower timeframes.
on M30: this one is forming a wedge pattern in red but it is not valid yet, so we are waiting for a third swing to form around our lower red trendline to consider it valid and enter on its break downward.
we also have a regular bearish divergence on MACD adding more confluence to our setup.
Crude Oil Elliott Wave IdeaUpdate on below idea; maybe wave 4 is finished now, or a still correcting, hard to say.
T'As Work!Hello Traders,
This is a demonstration of why technical analysis works...
OIL was on a clearly bullish accumulation pattern called Bullish Rectangle and we also can see a bull flag pattern.
Now we are going to face a resistance zone
Make yourself a simple and clean analysis.
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Is Brent forming a double top?Brent is potentially forming a double top. It may drop to the support line 38.
Crude Oil Elliott Wave IdeaCouple of theories in one chart on how oil might move in the coming days.
Scenario 1 (white) - Correction is already completed at $34,58 and now in an impulsive move towards mid $40's; A break above $40,61 would look good for this theory.
A break below $37,42 could play out scenario 2...
Scenario 2 (orange) - A correction is still underway in WXY form, price could return towards $34 before a move to mid $40's
A follow on from the below ideas:
Crude Oil Elliott Wave IdeaFollow up on the below idea, possibly a slightly more complex correction under way
