Brent Crude (UKOIL). Correction. Weakness ahead.We could be in a WXY flat correction.
Looks like some downside is ahead to $60 area.
Crude-oil
Can Crude Oil Sustain Bullish Breakout? EIA Inventories Awaited!At 15:30 (GMT), the Energy Information Administration will be releasing the inventories figures. It's expected to report a draw of -1.4M but considering the API report, we can expect a draw of up to -6M/ barrels.
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Brent Crude Oil Buy PointBRENT Crude Oil UKOIL Close-Up
As per earlier medium term comment on Brent, believe that
Brent has about another $5 upside from here. but in the very
near term there is a fair chace it will get sold off first thing
and offer a good chance to get long at the lows, or close to.
Was hoping for a fast test of the lower parallel of this flag
formation but won't get it. Oil is strong. Buy as it breaks
above the upper parallel or on retest with stop 50 pips lower.
Crude Oil looks bearish for next weekOil moved upwards all week long so it must breathe a little bit. As it was because of speculation, we calculate it will go down to at least to 54.
We set some supports as reference, price may reach down to 50 but strength of this movement should be measured. We are placing long positions on short term and short positions on long term (our LOSSOL move technique)
Let's get some swag next week!
#Crudeoil Could End Lower Near-TermCrude Oil Brief
Crude oil has been strong of late and has gained nearly 30 percent over the last four months. Much of this has to due with the exporting of crude and products which has dramatically lowered inventory stocks - overall stocks the lowest since March 2015.
However, we are heading into a seasonally weak period for energy products, and inventories could begin to build. Moreover, US production has recovered from both hurricanes with producers producing over 9 m/bbl per day.
Market sentiment on inflation has also aiding in bidding prices up, but we think there will be an inflection in 5- and 10-year breakevens. This could put pressure on crude as higher inflation hopes begin to wane.
Technically, price is beginning to reject a key technical supply zone between $55.33 and $54.09. This has been a point has been contested three prior times going back to 2015, and each failure to break through has caused hefty pullbacks.
TrendFlex Active score is moderately bullish in regards to trend, but price momentum and volatility range is contracting.
Potential downside targets for crude are $51.94 and $49.01.
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Short Unless we see Bullish ConfirmationSeasonal Skew to the short side says that we should fail around this level and rotate lower. Jump on now, or if your christian and like to wait for confirmation, you can short on the failure of 52.80
Crude Oil Intra-day Correction; More Upside In ViewCrude oil made a perfect drop lower, which we now see it as wave c of a three-wave decline. Ideally this three-wave decline will now come to an end and a new turn up will be seen around the former swing low at 50.35 level and near the Fibonacci ratio of 100.0, where measurement of equality of waves a and c comes in play.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
WTI try to get filled for a increasing contango oil tradelooks to me the price of close in oil is getting ahead of it's self, so try to get a fill to see that reverse. This one will have about a 1K pbr so will shoot for about a $500 gain, however the down side on thins one could exceed 500 also
Brent Crude Oil W Fractal Structure
Significant levels of the market
Local limits
Regression lines
Cycles
Modified Fib
Crude Long Chart shows everything.
4 hour closed above MA9 ergo -and RSI seems fine. Ergo -I went long.
