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Brent Oil Spot

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UKOILSPOT trade ideas

Brent Crude Oil - Target US$ 93Brent Sweet Crude completed primary wave 4 with satisfactory completion of pattern, down to the miniscule degree, yesterday. The rebound since then, appears to be the impulse of primary wave 5, though its too early stage to conclude whether it would be impulse or diagonal. Even if wave 4 were to continue into double correction, there should be retracement back to $84-86 to achieve 50% retracement back forming X to pave way for double threes. However, given the primary 1 to 3 structure and pattern, previous cycles' internal characteristics, it seems less probable that this primary wave 4 would take a double or triple three route. In either condition, whether the current upswing is impulse of wave 5 of primary degree, or X of double correction, $84 is the first target, thereafter $93+. Opportune time to open long, when the world is offloading stocks, that's the time to buy. I am adding fresh long to my existing long position (though I am bit late, yesterday on completion of pattern I was convinced, but wasted time in reassurance through many iterations). Disclaimer : The contents herein are my personal views, for me to make an investment decision, shared here with an objective of seeking views and comments from traders community at trading view platform. Nothing contained herein should be construed as an advice, offer, inducement or encouragement to buy or sell any shares, security, derivatives linked to the security, debt security or any other security of the company mentioned herein. The readers must make their own independent assessment, evaluation and valuation of the company and/or any of the securities issued by it or referenced to it. The reader is advised to take advice from their professional financial advisors before entering into any transaction or making a financial decision, without relying on anything contained hereinabove, or views given as addendum or comments hereafter. The author shall not be responsible or liable, directly or indirectly, for any loss or damage, including loss of profits, caused to the reader, or any other person or third party, whether pecuniary or otherwise, whether in present or in future, whether incurred or probable. Any replication of the contents herein is strictly prohibited except with the prior written consent of the author.
BLACKBULL:BRENTLong
by Gjain75
Brent Oil buyers need validation from $92.50Brent oil buyers take a breather after posting the biggest daily jump in six months as the overbought RSI (14) line prods the energy bulls below a three-week-old horizontal resistance surrounding $92.50. However, a clear upside break of the 200-SMA and bullish MACD signals suggest further upside of the black gold price. Hence, the quote is likely to cross the immediate hurdle surrounding $92.50, which in turn will allow bulls to challenge the monthly high of around $94.30. In that case, September’s peak of near $96.50 and the $100.00 psychological magnet will be in the spotlight. On the contrary, Brent Oil’s pullback remains elusive beyond the 200-SMA support of $90.80, quickly followed by the $90.00 threshold. Following that, a broad horizontal area comprising multiple levels marked since early September, close to $89.00-50, will challenge the energy sellers. Should the Oil bears manage to conquer the $89.00 support, its fall to the previous weekly low of $85.76 becomes imminent. However, the monthly low of $84.17 and the previous monthly trough surrounding $82.00 will test the south-run afterward. Overall, Brent Oil price stays on the way to refreshing the monthly high unless it breaks the $89.00 support.
VELOCITY:BRENT
by MTradingGlobal
Brent Crude: Set for 104-108The chart set up suggests support around 85-87 odd levels Minor resistance around 98 and eventual target for the set up could be 104-108 Risk::Reward ratio favors to go Long Take care & sage trading..!!! Disclaimer -The view expressed here is my personal view - Past performance is not a guarantee for future predictions - I have been wrong in the past and can be wrong again in future too - Use this for educational purpose - Any decision you take, you need to take responsibility for the same - It's your hard earned money. Treat it wisely - Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance - if trading in F&O, understand that F&O trading involves risk - Do take proper risk management measures - Do your own analysis and consult your financial adviser if need be
TVC:UKOILLong
by indiamarketoutlook