bad Sign, as brent took support right there where it was supposed to but i didnt want it to !!! this can again set the crude to go and we all know its consequences. lets see how it spans out next week.
FX_IDC:USDBRO formed an inverse H&S Pattern, which is a bullish pattern, and the expected target is $94.3/bbl.
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
Another analysis shows Inverted HnS on Weekly charts of Brent.
Target is the length from Head to neckline ,which suggests target $91.50
My previous analysis suggests rounding pattern on daily charts whose target is also near this zone..
So charts say that we ll see crude at 90/91.5 in upcoming days,..
Oil traders eyed fresh insights from OPEC and IEA reports
Supply crunch back on the table
The downside prevails as long as 79.50$-80.50$ is resistance zone
The monthly OPEC report will be released on Wed, 12 Sep and IEA report will be published on Thu, 13Sep respectively.
We believe this week’s Brent crude oil price action is likely to remain controlled by...
