Brent oil price fell 1.0% last week for a third week in a row, as the Turkish Lira crisis ignited the economic growth concerns. On Monday the oil price volatility stabilized, and the price inched up by 0.6%. From June high’s the price declines for six weeks out of seven.
Recent weakness attributed to the ongoing trade concerns and a dip in global economic growth,...
RSI showing divergence which is a sign of breakdown. This fall is due to increase in supply from Libya. In my opinion oil should retrace back from 71$ or from 67$ and make new high in next 3-4 months. WINTER IS COMING!
Midterm forecast:
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
Technical analysis:
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The...
crude rally has been good so far some consolidation here is expected the break of trend line and day macd moving below trigger, however this wont be a time to short ,personally i only track crude for study purpose and its importance to the economy ,
