Symmetrical triangle bearish breakout. Can go to 62-63 region. Even RSI has broken the support.
From the current pattern, looks like Brent Crude is in the middle of a complex correction and there could be a down move which could have a corrective up move to finish the entire correction.
The stock would probably hit the channel bottom and the go for a long move toward the resistance or might even continue falling if the channel is broken
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...
Brent Crude Oil may test $78.5
Hi Guys, As you can clearly see in the chart, Brent is entering into the resistance area and also retraced 61.8 percent. it might fall from here after consolidating for some time. wait till it comes out from the area and short when it comes back to retest. good Risk reward from here in the downside. Not a financial advice.
Crude was in a range for quite some time but it has given a breakout now. Buy on a retest of 63.85 levels with a target of 66.65
Buy CrudeOil at 67.7 Stoploss 67.38 Targe 68.25 69.4
After the FALL the recovery rally halted at exact 61.8 % retracement OVERBROUGHT Indicator and Strong Resistance line supports our Analysis
Sell CrudeOil 64.32 Stoploss 64.78 Target 63.7
Sell Crude at 66.6 SL 66.95 Target 66 65.35
Buy CrudeOil at 65.48 SL 65.25 Target 65.95
Sell CrudeOil at 65.64 SL 65.82 Target 65.3 65.2
Buy Crude oil on dips around 64. positional targets are 70 and 78.6