Brent oil has retaken the 4H 200MA of $70.47, having bounced up from the confluence of the 50-day and 200-day MAs near $69.11.
On the 4-hour chart, I see a falling wedge breakout. THe probability of a rise to $72.00 would rise if the 4H RSI breaks above 48.00. As of now, it is hovering at 45.68.
Even if it rallies to $72.00, the outlook as per the daily chart...
in continuation to my last published chart, here is what all has happened since then.. now facing stiff resistance and in that zone , its worthwhile to see how it behaves. candles say there could be some southward journey while sentiments say time to go up yet again.. we will see
As per chart Brent crude can side further. On 4 hour chart it is trading and forming triangle like pattern.
Our expectation is that can slide till 58.70.
Momentum Indicator RSI trade side ways around mid level of 50.
Price action wise larger bearish candle can also suggest traders involvement going downside.
Brent Crude has been in a falling channel for few weeks now and that channel has been violated.
Price has also retested the channel once.
So assuming the low will hold Buy at 63 with a Stoploss of 59 Targets can be 64.3, 68.6 and 72.
The Brent crude oil ended the month 22.00% marked its first biggest one month fall since July 2015, several events cause the fall in Oil prices. Ahead of the OPEC meeting this week the price is sitting at the crucial juncture.
Over the weekend developments, Oil price opened higher on Monday as trailing stop losses have been stopped out who sold with against the...
Brent crude oil remained well bid overnight, but broader picture remained capped by headwinds from supply concerns whereas traders remain to focus on G20 summit in Argentina. We could expect a relief rally/oversold rally if market senses a trade deal between US-China.
The new technical profiles are consistent with a temporary bounce in oil prices.
As was told, Crude has beein going down being at 59.50 presently. I has hoped the at the support will be at 59. But looking at the way the descending angle has been breached, I hope it may not stop at 59.05 and we may see some more down move.
Brent oil log sixth straight weekly loss, the fall last extended for eight straight weeks between June-August 2015.
Chart : twitter.com
Oil bears need to close below last week’s low to add more shorts. In this case, Brent may have legs to extend...