On the back of Crude inventories data released by American Petroleum Institute(API), according to which inventories fell less than expected, the commodity declined sharply citing lower demand. For further confirmation of the same one can watch crude inventories data about to be released by US government's Energy Information Administration (EIA) at 20:00 Hrs IST....
Brent Crude has taken support from a rising trendline. We could also see a "Morning Star" candlestick pattern adding to bullish bias. But 63.60 is an immediate resistance which will test the strength of Bulls. If price manages to break above 63.60, we can well expect crude to move towards 65.50. However, if the upward move gets arrested at 63.60 and manages to...
Brent oil has retaken the 4H 200MA of $70.47, having bounced up from the confluence of the 50-day and 200-day MAs near $69.11.
On the 4-hour chart, I see a falling wedge breakout. THe probability of a rise to $72.00 would rise if the 4H RSI breaks above 48.00. As of now, it is hovering at 45.68.
Even if it rallies to $72.00, the outlook as per the daily chart...
As you can clearly see in the chart, Brent is entering into the resistance area and also retraced 61.8 percent. it might fall from here after consolidating for some time. wait till it comes out from the area and short when it comes back to retest.
good Risk reward from here in the downside.
Not a financial advice.
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.