The underlying instrument for UKOIL is Brent Crude which is traded on the ICE Futures Europe. Brent Crude is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. Brent Crude is sourced from the North Sea, and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes (also known as the...
I think that two-year uptrend (2016-2018) is over and now the market is crafting initial waves of a downtrend.
P.S.
Please do not be confused. This is not pure Elliott Wave Analysis. This analysis is based on my fork of Elliot theory. The simplified concept of this fork is published here: plus.google.com
Some time ago I had shared with my friends an idea of Brent going to 56.5. it was some late night old mans lonely evenings thoughts on the chart. Brent was at 52+ back then with lots of bearish sentiment built up in the crowds mind. it worked out just great.
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though I am not an Elliot or other types of wave analyst, I find that some basic ideas...
BCO/USD is showing a potential inverse head & shoulders on the monthly chart. long term target prices are labeled in the chart. first tp is a probable support level, second tp is based on pattern projection.
this is based on pure TA, so as always, it could be wrong.
trade at your own risk.
Abnormally larger sell volume in last downturn on the price of oil, followed by significantly lower volume on this rise. Bigger players have been taking their exits, be very cautious with any crude oil longs here..
Planning to add 30-50% of my long position at 47.33$ area, i will another 30-50% of the total position at the bottom of the wedge that is around the 300MA 45.6$. My target will be around 54-58$ in 2017. Than i think this wedge may break down in the end of 2017.
If there is no significal change in the market. As it is now, US shale producers are vey active trying...
Brent (UKOIL) is on the slippery path as production is falling and this could lead to the drop of it's share and loss of the benchmark status to other crudes, namely WTI or Dubai or Urals.
Triangle is possible model here.
Target minus $10 spread - the WTI (USOIL) becomes more expensive than Brent.
temporarly high in June`16 around 52
temporarly high in August`16 around 51
temporarly high in October `16 around 53
First target should 54 $ in BCOUSD - throughtout December 2016.
And in the 1st Quarter 2017 we could see prices above 60 ?!
Not only OPEC Policy support maeks me bullish
also technical turnaround around 46 $
- with 100 SMA & 200 SMA supprt...
