Brent oil prices jump to a one-week top while crossing a downward sloping trend line from July 06. In addition to the trend line breakout, the bullish MACD signals also favor the oil buyers targeting late July tops near $76.50. However, overbought RSI conditions challenge the quote’s upside momentum, if not then the yearly peak of $77.90, marked in July, will be...
As we can see brent crude in corrective phase in monthly time frame and again near to breakout levels if it breaks then we can see big rally in this counter
Crude is likely will start moving up side and it will pause after it tags 95$ per barrel , it will likely consolidate for 8 to 10 Months before it start its move again
Once it brakes 95 $ then its heading towards 250 $ per barrel , it will its last move before End of Entire bull market move
One can look for buy set up those who trade in 3 Months Futures...
With hurricane Ida easing to category 3 storm and the market sentiment dwindles over geopolitical, as well as covid, woes, Brent oil prices step back from multi-day high towards $72.00 during early Monday. The commodity’s Asian session run-up couldn’t cross the 61.8% Fibonacci retracement of July–August downside. However, a convergence of 200-SMA and 50% Fibonacci...
Escalating covid woes weigh on commodities while downbeat China data exerts additional pressure on the Brent oil prices during early Monday. Also favoring the oil sellers could be the quote’s U-turn from 50% Fibonacci retracement of early August upside, followed by a break of the one-week-old rising trend line. Hence, the Brent oil prices are all set for further...
Last week it has given a neck line breakout from head and shoulder pattern, taking a support giving higher highs Brent now is in uptrend, its a good good entry for going long after taking next support to a short term trade.
BRENT (Crude Oil):- 74.22 CMP, 80 to 90 zone (Multiple Resistance Zone)
1) Dow Theory (Downtrend Since 2008/2009)
2)Crude takes year to rise (But in pandemic its is rise too fast)
Another signal that is not that great for our market. More over INR is getting weak... be careful folks! #NIFTY50
Disclaimer: NOT SEBI registered. Charts produced here are for personal reference only and not any recommendations.
UK OIL
Crude getting inside the supply zone
as it attempts to move higher.
Falling trend lines along with 0.786-0.89.
Daily chart trend is up as monthly get in
the supply zone.
Next few day or week could be crucial
for trend to sustain and establish itself further.
For time resistances hanges overhead in an
attempt to move higher.
