BRENTOIL trade ideas
Brent Crude Oil Important technical analysis updateMidterm forecast:
. While the price is below the resistance 45.00, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 45.00 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 45 on 2020-07-21, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 55 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 45.00 on 07/21/2020, so more losses to support(s) 41.70, 40.00 and minimum to Major Support (36.95) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index (RSI) is 56.
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Brent Crude Oil Important technical analysis updateMidterm forecast:
. While the price is below the resistance 44.55, beginning of downtrend is expected.
. We make sure when the support at 36.95 breaks.
. If the resistance at 44.55 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
. There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 43.93 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
. While the RSI support #1 at 50 is not broken, the probability of price decrease would be too low.
. A peak is formed in daily chart at 43.80 on 07/06/2020, so more losses to support(s) 42.20, 40.00 and minimum to Major Support (36.95) is expected.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 62.
Oil pushing higherA nice flat top triangle and not much in the way of price, creates a nice trade opportunity on oil.
Trade with care! - chartingfeed
Don't miss the great sell opportunity in BrentTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 48.
Take Profits:
TP1= @ 39.70
TP2= @ 38.65
TP3= @ 37.10
TP4= @ 34.10
TP5= @ 32.30
SL: Break Above R3
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Brent Crude - Key SupportCrude is at a key support where it needs to bounce from or it could break down to much lower levels again.
If it breaks down it could fall to 37.
Why it should concern us..?
weak oil = low consumption = weak markets.
Watch this space to track which way the big boys thing the economy is headed coz supplies hve been cut sharply..so in an improving economy prices should rise.
BRENT CRUDE quick scramble to $40/BBLTechnically a quick move towards 40 & resistance is seen around 47
30M Elliot Wave Analysis SHORT VIEWTVC:UKOIL
BRENT CRUDE OIL, 30M Elliot Wave Analysis
SHORT BRENT @ 31 level with the Target Price
27.61, 26.07 odd levels.
Crude is in corrective phase
Don't Short Brent Crude On the weekly chart Bullish (Positive) Divergence formed. So don't short, even you can go long.
Inverse Head and Shoulders in BrentOn 60 min time frame, there is an inverse head and shoulders pattern that has formed in Brent oil. Use dips till 56 and stop loss at 55 for a move to 60.
#BRENT #CRUDEOIL - Breaking out of the Down Channel .. $BCOUSD After a clear Impulsive down move, Brent is breaking out of the channel and looks set to retrace a bit and bounce till 60-65 zone.
