Description : Crude at lower levels following support area and a trendline zone as well. At top upper parallel levels of trendline are followed. Now at top and formed a strong red candle which can a be probable top if it gives follow through and breaks 86$ level. Support Area : Break of Support at 86$ downside will lead to immediate support at 76$ followed...
Okay, so here we can see a bearish wedge, lets see how it goes for UK Oil.
#UKOIL 88-90$ is seen as strong resistance, If unable to sustain above 89$ then possible correction up to 36$. then we may expect All-Time High again after a few years but no guarantee for ATH again because of progress in Electric Vehicles.
Crude oil is trading within a bullish channel and gaining from last 4 trading sessions. According to price action consolidation near previous high will make it more bullish and we can see 92 to 95 level near future. On the flip side if fails to breakout above previous high we can see profit booking or consolidation.
Crude oil look bearish on higher time frame. Good MArket Structure break on 1H, Best set up to Sell
#Brent #UKOIL #Crude Max to max again 86$ seen possible but If unable to sustain above 86$ then? 1: Interest rate hikes & Tappering in Bond buying will increase Dollar Values against every currency. 2: If unlimited given support by Central Bankers will not perform well then demand will reduce & supply will increase.
According to my analysis UKOIL is SHORT. UKOIL take the resistance on Pitchfork upper line on 4H candle. 71.600 Works as support.
Crude oil is making higher highs & higher lows. Its inside the channel.
Brent crude oil has broken the trendline resistance and it looks like primary wave 5 has started, and within wave 5 , wave I and wave II are posiibly been completed and wave III should now unfold at $ 79.40 to $ 80.21, where wave III will be atleast equal to wave I, and on the down, the swing low of $ 70.89 will be now crucial support. one can go long at current...
Oil History - Based on Spread USOIL & UKOIL How the spread has reacted during difference phase of Geopolitics of oil life in last 2 decades.
Crude Looks Positional Target 62-58$ Cmp 68$ Short - below 65$ looks more weak.
blue lines are key level green lines are day support resistence goodluck
BRENT (Crude Oil):- 74.22 CMP, 80 to 90 zone (Multiple Resistance Zone) 1) Dow Theory (Downtrend Since 2008/2009) 2)Crude takes year to rise (But in pandemic its is rise too fast)
Currrently in 3rd Wave yet to complete.. In Next 1-2 years
On Neckline Of Inverted Head & Shoulder. Chart with upwards trend
oil taking support in zone 57 58 continuous , heavy fall only after close below his , while 5 week rejection suggest a push move at higher areas
MCX:CRUDEOIL1! Line signification white Neutral red Short green Long