BRENT trade ideas
Brent Crude | Important levels at 63.60 & 62.30Brent 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 fall, immediate support will obviously be at 62.30. In any case if 62.30 is taken out we can expect the price to fall towards 60.40 levels.
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Micros And Global MarketMicros and Global markets always impact on Indian stock market.
I am sharing some interesting data for Currency, Crud, DJI and Hang Seng.
USDINR give a breakout on yesterday. It may test 70-70.16-17.36 levels in the short term.
For the Brent Crud, $64 is major resistance. Above $64 it may be strong and below $64 it may test $60 - $58 levels.
DJI major resistance is 26250 and Support @ 26000. below 26250 it may strong and below 26000 it may test lower levels.
Hang Seng is in between major support range of 25500 and major resistance 26800.
Intense to share this because these things can impact on Indian Market.
Thank You :)
Brent oil analysis: back above 4H 200MABrent 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 would remain bearish with the 14-day RSI below 50.00 and 5- and 10-day MAs trending south.
Further, the 50 and 100 4H MAs have produced bearish crossover.
Also, the downward sloping 5-day MA is capping upside at press time. So, a rise to %72.00 looks unlikely.
Trade strategy: sell on rise to $72 target $69 with stops above $73.00.
Crude Oil, story of the Chart.Hi Guys,
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.
