BCOUSD Potential For Bearish ContinuationOn H4, with the price moving within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop form the sell entry at 93.533, which is in line with the 38.2% fibonacci retracement to the take profit at 83.911, where the swing low is. Alternatively, the price may rise to the stop loss at 96.352, which is in line with the overlap resistance.
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How to trade OIL the next week (Aug 17-21)Hi traders, here's Brent crude analysis for the following trading week.
Oil is still trading in a well-defined long-term uptrend on the daily chart and completed a price correction the previous week, forming a quite bullish daily close on Friday. This signals that sellers are rejecting lower prices at the moment.
The 1-hour chart shows a possible ascending (bullish) triangle forming, with the 50% Fib level still holding and presenting a major support level for oil. The 1-hour chart also shows a break above a falling trendline after oil formed a double bottom pattern on Friday's 1-hour chart.
A break above $44.80 would indicate a fresh higher high and a buy opportunity, with a profit target at the next 1-hour resistance and the upper triangle resistance. A break above the triangle (above $45.30) would target the monthly high ($45.80), followed by the triangle profit target (around $46.50).
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