The short-mid term low for UKOil seems formed and may test upper levels in coming sessions until green support line is intact on lower side.
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Hello and welcome to this analysis on MCX Crude Oil.
The overall structure of sideways consolidation now appears to be set for a rally which could break the falling trend line.
Expecting it to bounce back to 8400 as long as it does not break below 7500
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...
Trade Setup for 04-07-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up...
CRUDE OIL Looking good to go long at current levels or in dips ( if any ), there is a good and clear assumptions of wave structure along with trendline breakout on daily time frame.
Price again closed above mass psycology cloud, and also above RK's stop line and also price has given close above 20DMA, also trend indicator macd is showing same bias to go long.
Description : Crude at lower levels following support area and a trendline zone as well. At top upper parallel levels of trendline are followed. Now at top and formed a strong red candle which can a be probable top if it gives follow through and breaks 86$ level.
Support Area : Break of Support at 86$ downside will lead to immediate support at 76$ followed...
88-90$ is seen as strong resistance, If unable to sustain above 89$ then possible correction up to 36$.
then we may expect All-Time High again after a few years but no guarantee for ATH again because of progress in Electric Vehicles.
Crude oil is trading within a bullish channel and gaining from last 4 trading sessions. According to price action consolidation near previous high will make it more bullish and we can see 92 to 95 level near future.
On the flip side if fails to breakout above previous high we can see profit booking or consolidation.
#Brent #UKOIL #Crude
Max to max again 86$ 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.