Crudeoil!
Brent Crude OilBrent 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 levels or in dips (hopefully) with stoploss of $ 70.89
wave structure
key levels
macd in daily is positive, uptick and above zero line
rsi in daily is positive, uptick and also near 60
price tooked support from middle bollinger and now its above same
on weekly chart dmi is converging from negative to positive
Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
Brent Oil Future - Very Smokey ! 90 soon ?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. In any version, Oil is touching sky.
This is just a chart pattern discussion. Please trade your hard-earned money on advice of a registered stock market expert. I am a newbie trader :)
Crude Oil Weekly Trendline Pullback CompletionCrude Oil continuous futures contract on the weekly chart seems to have pulled back from its decade+ old trend line breakout. Breakout happened in Jun'21 and crude bounced back on the trend line. We have seen successful bounce from the trend line support and can expect the price to turn bullish from here on the weekly scale. If so, 76 would be the immediate target for Crude.
Crude oil Major SupportAfter Breaking the trendline from 25th March, the bull run is now in slowing down a bit.
A good breakout and retest was seen and currently it's on a major support.
If it takes the support, a small bull run can be seen till the nearest lower high.
If it breaks, a good downfall can be seen.