BRENT CRUDE (and EURUSD too as being impacted by crude) is at STRONG quarterly resistance. I would characterize current condition as NEUTRAL to MODERATELY BULLISH.
UKOIL is facing 8 quarterly VWMA (No tools to plot that so I am plotting 112 ema weekly which is pretty similiar)
Break above this vwma would be very TOUGH, but its likely. If break will occur it will occur during NY Session. Dont trade long through that in Asia.
Price should retest 112 ema after the break.
There will be a reaction at yearly floor L4 (red line). Price should make there (that is where it had been magnetted to for weeks). Final target. At yearly floor we will see big reaction. Price will drop back to 112 ema.
Support to the downside is 8 WEEKS EMA - Camarilla Monthly R1
UKOIL is facing 8 quarterly VWMA (No tools to plot that so I am plotting 112 ema weekly which is pretty similiar)
Break above this vwma would be very TOUGH, but its likely. If break will occur it will occur during NY Session. Dont trade long through that in Asia.
Price should retest 112 ema after the break.
There will be a reaction at yearly floor L4 (red line). Price should make there (that is where it had been magnetted to for weeks). Final target. At yearly floor we will see big reaction. Price will drop back to 112 ema.
Support to the downside is 8 WEEKS EMA - Camarilla Monthly R1
Trade closed: target reached