Brent (UKOIL) In a Good Area for a Relief Rally
$CL_F backtest of inverse H&S breakout and volume shelf support.
Hello everyone, the count is gone and I was not on the right side. So good so far, but I do not give up reading the chart and share my ideas here. So, there is another count in the chart… I think, that the whole structure since the low in Feb 2016 at 26$ is corrective, because WTI has destroyed the impulsive count yesterday. In 2016 I felt not good, because the...
Price following a downtrend making lower lows & highs. Price following a descending channel, where I will anticipate a pullback to set a higher low at the channel trendline along with resistance above for a reversal back to the downside to create a new lower low.
Gasoline Futures (RBOB Gasoline Futures) likely counter trend bounce here off 200weekSMA support at $1.66 to reclaim long-term moving average support of 50monthSMA at $1.70, then rally to test 100weekSMA resistance at $1.80. Technical Analysis: - Gasoline Futures (RBOB Gasoline Futures) now testing long-term support of 200weekSMA at $1.66. - $1.66 also strong...
The wti is close to the Fibonacci 0.5 support. It will resist? If this level breaks down, the goal is the $55 supporter coinciding with the Fibonacci 0.618 level. Follow my blog and Twitter
Chart shows a strong trend line support is coming up. If the trend line shows strong support, then a sizable north may be in the card.
Let's see if this crude bounce can pan out.
OIL just moved into a major support zone where price is likely to react (it somehow did already). I would like to see more price action confirmation to be calling this a reversal. On the 4 hour chart price is still making lower lows and lower highs and a trendline is also still supporting this direction. A break of this trendline would signal a reversal for me...
Apologies for late post here... WTI testing the multi month trend line. Recent move higher in oil was due to strong global growth and demand for oil and after US-administration confirmed they would impose sanctions on Iranian exports, the price of oil began to rally in fears of supply risk. As such traders pushed price higher ahead of the November deadline...
Price action confirmed the uptrend line. With OPEC seemingly pushing prices down, even cutting the demand forecast last week, this could be a good opportunity to sell oil this week if we see an impulsive break lower.
Could be a final fantasy's scenario for US$20/bbl or lower in months to come. As shown in the chart Crude may trade lower to as low as $72 area then higher to meet objective at $80/bbl. Let us see how the trend is developing!
The correction cycle for the recruitment of forces began, and most likely the price continues to rise. At the moment I'm looking at sales. Sell - $69.70 Take Profit - $67.00 Stop Loss - $71.25 ------------------------ Risk= -$1.55 Target= +$2.70