Looks like crude oil is in complex correction which has crossed 100% extension and might touch 1.27 (78$) or 1.382 (74$) level
It is also trying to take support at 79-78 level which is 0.786 retracement level from recent low-high below that can touch 78 or 74 level in coming days...
It might also take support on long trendline 75$
If sharp move from 74 level...
Midterm forecast:
While the price is above the support 95.108, resumption of uptrend is expected.
We make sure when the resistance at 131.000 breaks.
If the support at 95.108 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
While the RSI support #1 at 42 is not broken, the probability of price decrease would...
Good for buy 42.50-42.66 I bought 42.66. Not the best price.
Daily opens with gap ups and green overtake red
On 4 hr breaking above ma
On 15 min breaking above ma.
Big Red bar. Resistance on that red bar overtaken by green right away, and then green rally with only one little red in the middle.
Let’s see if green will keep pushing.
Trading 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...
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