The price is being consolidated between the Trend line (Yellow) and the support line (Green) , we can expect the price to break the trend line along with the immediate resistance line in next price swing ($ 60.68 )
a long position can be taken once the price breaks out of the Trend line and target and stop loss shall be as indicated in the chart
CrudeOil Analysis based on trend analysis.
Trend
After the fall from the level of 59, seems to have some bounce from the low level of 51. Now the trend is not bullish nor strong bearish based on the current level of holding.
Analysis
On my analysis, may have good entry at the lower level of 54 with the SL of 52.50 and the target of 56 to 56.50 level. But if...
based on supply and demand with fib retracement
if break out the zone it will move to another zone and move to fib retrace of 50%
once it breakout 60.42 thn move up to 64.43
Hi All,
21:33 Hrs / 5th Feb 2019
Last Price@54.58$
Jan 2019 has started upside recovery as suggested in the last idea that 38-42 $ base should act as strong & we look upside.
The Last Oil Idea ( Video Idea)
Cheers!
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
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