After a 2020 crude oil recovered and makes new all time high of 9996. Crude oil completed it's 5 wave impulse move in the month of march and from that time it's making a correction. As per current price action crude making a expanded c wave flat correction. Crude can go up to 6000 or may be lower than that but major strong support will be 5000.
After huge rally it seems that UKOIL which was stuck in range where distribution took place, can break the range down. This rally was indicated by me when Brent was 94, have a look: But, now it looks like the rally is over and it could start stepping down. Also, it has given a breakdown from head & shoulder pattern and along with this UKOIL has also broke...
Brent Crude can test USD 118 per barrel in the medium term to long term perspective and at the maximum resistance is seen at USD 183 per barrel.
Brent oil prices grind higher around late March tops, staying above 10-DMA inside a monthly bullish channel formation. Given the firmer RSI backing the black gold’s gradual north-run, the quote is likely to overcome the immediate hurdle, namely the late March swing high around $124.40. However, the stated channel’s upper line near $127.50, which if ignored could...
As stated 3 weeks earlier I had given a target of 110 on Brent when it was trading around 94.And, my target achieved 🎯🎯 Then again 1 week earlier when my target of 110 achieved, I stated that Brent could soon see levels of 120. And, my target achieved 🎯🎯 And now, if Brent gives breakout above 141.5 then it could rally above our estimates, which is...
Earlier at levels of 94, I suggested that there is breakout above 87.5 and brent could soon show the levels of 110 and by target achieved this morning. You can check that idea below. Now, I suggest to do partial profit booking and hold for target of 115. I think brent could face resistance between 110-115 zone.
Amid escalating tensions concerning the Russian invasion of Ukraine, crude oil prices rally to a multi-month high. However, overbought RSI conditions recently triggered the quote’s pullback near an upward sloping trend line from July 2021. That said, a six-week-old support line near $92.00 precedes the 21-DMA surrounding the $90.00 psychological magnet restricts...
Brent could keep rising above 97.58 a monthly breakout level, it crossed the congestion zone in past month around 87.4 which show that it could rally towards 97.5 above which could see levels of 110+
#Brent #UKOIL #Crude Max to max again 86$ 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.
Brent oil sees further downside after confirming short-term rising wedge bearish chart pattern the last week. However, oil traders turn cautious ahead of today’s OPEC+ JTC meeting and monthly print of the US ISM Manufacturing PMI. That said, a five-week-old horizontal area and 200-SMA, respectively around $77.20-76.80 and $76.25, restrict the immediate downside of...
With the 200-DMA restricting the Brent oil’s rebound from an ascending support line from March, energy traders stay bearish ahead of the key OPEC+ decision. Although the cartel is more likely to stay on their previously decided path to ease supply-cut norms, the latest Omicron woes raise possibilities of a wild card move, considering the West versus Middle East...
Although supply crunch talks trigger Brent oil’s bounce off a two-month low the previous day, the black gold remains pressured towards re-testing the 100-day EMA level amid US push for more output and fresh covid woes from Eurozone. It should be noted, however, that the quote’s weakness past $77.85, comprising the stated EMA, won’t hesitate to challenge the 50%...
A two-month-old support line break joins the failures to keep rebound from 20-DMA to favor Brent oil sellers. However, a clear downside break of the $84.00, comprising the immediate moving average support, becomes necessary. Following that, a fall towards $80.00 becomes imminent. Should the oil sellers keep reins past $80.00, the mid-September high near $76.40...
Crude Oil is running in channel since septmber, we many time initiated purchases near support lines but avoided short selling as Crude is in Bull cycle. We suggested you to buy near 6200 on 22nd Oct for a target of Rs 6500 which you may see tomorrow. In a few days crude may give another signal either for long or short position. We may soon see a trend reversal...
Yea yea, I know Oil is most manipulated commodity on the planet. But amidst the super consolidation worldwide, the most suppressed commodity is oil, and the hurricane supply chain destruction will annihilate the supply. We should see sharp rise in Brent Oil futures in coming days. It’s inevitable. I have given a range of targets from moderate to aggressive....
Brent oil prices jump to a one-week top while crossing a downward sloping trend line from July 06. In addition to the trend line breakout, the bullish MACD signals also favor the oil buyers targeting late July tops near $76.50. However, overbought RSI conditions challenge the quote’s upside momentum, if not then the yearly peak of $77.90, marked in July, will be...
#OIL daily bearish momentum and trend.sideways on weekly and probably trendline channel bottom supoort?
Escalating covid woes weigh on commodities while downbeat China data exerts additional pressure on the Brent oil prices during early Monday. Also favoring the oil sellers could be the quote’s U-turn from 50% Fibonacci retracement of early August upside, followed by a break of the one-week-old rising trend line. Hence, the Brent oil prices are all set for further...