Brent oil buyers take a breather after posting the biggest daily jump in six months as the overbought RSI (14) line prods the energy bulls below a three-week-old horizontal resistance surrounding $92.50. However, a clear upside break of the 200-SMA and bullish MACD signals suggest further upside of the black gold price. Hence, the quote is likely to cross the...
In our previous updates I had mentioned that Brent crude above $90 can be a cause of worry.
The current chart set up for Brent crude suggests it can go above $100
The Fundamentals
If crude is heading higher, it could add pressure on Indian Imports.
At the same time, the recent Quarterly results of our major IT export companies are not encouraging...
The chart set up suggests support around 85-87 odd levels
Minor resistance around 98 and eventual target for the set up could be 104-108
Risk::Reward ratio favors to go Long
Take care & sage trading..!!!
Disclaimer
-The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- I have been wrong in the past and...
US oil has broken its major downtrend line and is managing to test and sustain above the supports , is buy on every dips untill it stays above 70$ levels , keep SL very small at 60$ , any monthly candle closing below 70$ is an exit from trade , RR looking great and potential reward on the upside is very high
Brent oil crossed a downward-sloping resistance from mid-June to refresh the monthly top on Friday. However, a sustained break of the 100-day EMA, around $99.50 by the press time, as well as the $100.00 threshold, appears necessary for the buyer’s conviction. Following that, the black gold price could quickly rise towards the 50% Fibonacci retracement of the...
Brent oil prices managed to bounce off the crucial SMAs and 61.8% Fibonacci retracement of the late February to early March rally, despite posting meager weekly gains. Firmer RSI and the higher-low formation since April also keep the black gold on the bull’s radar. However, the upside bias needs validation from a two-month-old horizontal hurdle surrounding...
Although a fortnight old rising channel portrays the bull’s command over Brent oil, backed by the fears of a supply crunch, the commodity prices have failed to portray a notable run-up. On top of that, the quote is heading towards a short-term key hurdle surrounding $115.70, comprising a horizontal line from late March and the upper-end of the mentioned channel....
TVC:UKOIL
UK Brent Oil can retest or break 102$ per barrel in short term.
Ukraine And Russian Crisis cool off can make oil cheaper.
Trade on your own risk and analysis.
Brent oil sellers cheer a clear downside break of 200-DMA and 50% Fibonacci retracement of March-October upside around 13-day low. While bearish MACD signals and descending RSI line, not oversold, favor the commodity sellers, an upward sloping trend line from March 23, around $68.70, is the key for the quote’s further downside. Should the commodity bears drop...
Brent oil fades bounce off 61.8% Fibonacci retracement (Fibo.) level of September-October upside, drops back below 200-SMA amid bearish MACD signals during early Friday. The UK benchmark for oil currently eyes 50% Fibo. level of $81.55 on the way to retest the early November trough surrounding $80.80. However, any further downside will be challenged by oversold...
Brent oil prices consolidate the heaviest daily loss since late August, not to forget reversal from November 2014 levels, while picking up bids to $81.70 during early Thursday. The oil benchmark refreshed the multi-day top the previous day but overbought RSI joined firmer USD to drag the quote towards the first negative daily closing in six days. However, the...
Brent oil consolidation the early week’s oversold RSI conditions while dropping back below $78.00 on Wednesday. However, an ascending support line from August 23 and 100-SMA, respectively around $76.70 and $75.00, will challenge the quote’s further weakness. Even if the British oil benchmark drops below $75.00, a horizontal line comprising multiple levels marked...
With hurricane Ida easing to category 3 storm and the market sentiment dwindles over geopolitical, as well as covid, woes, Brent oil prices step back from multi-day high towards $72.00 during early Monday. The commodity’s Asian session run-up couldn’t cross the 61.8% Fibonacci retracement of July–August downside. However, a convergence of 200-SMA and 50% Fibonacci...
Ever Given’s refloat in Suez Canal opened the one-week-old blockage in the busy global route during early Monday. The move not only helped market sentiment but also weighed on the oil prices and dragged Brent Oil from 21-day EMA. Given the fundamental reason and the commodity’s repeated failures to cross the key EMA, the quote is likely to revisit the 61.8%...
Brent oil’s bounce-off early February low has a bumpy road ahead as 200-SMA joins the previous support line from February 19 to challenge the commodity buyers around $65.00. Even if the black-gold prices conquer the $65.00 hurdle, March 10 low and February 25 top, respectively around $67.00 and $67.70 could test the oil bulls. It should also be noted that bearish...
