#OIL taking Channel support?#OIL daily bearish momentum and trend.sideways on weekly and probably trendline channel bottom supoort?
USDBRO trade ideas
Brent oil sellers look for $68.00 retestEscalating 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 weakness towards a horizontal area near $68.00, comprising lows marked in the last one month. However, oversold RSI conditions may challenge the bears afterward, if not then 61.8% Fibonacci Expansion (FE) of the current month’s drop and pullback around $67.15 will act as an extra filter to the south.
Meanwhile, corrective pullback needs to cross the support-turned-resistance line near $71.65, a break of which should direct oil buyers towards the 100-SMA level of $72.90 and then to the $73.00 round figure. In a case where the Brent bulls stay dominant past $73.00, $74.20 and the monthly peak surrounding $76.60 should return to the chart.
Brent To Rise After next supportLast 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.
head and shoulder pattern with some clear indication of further further up trnd....with d1 futr dwntrnd
UKOILBRENT (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)
Crude oil price breaking out...seem like will hit $82 soonAnother 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
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.
Brent oil buyers need to defend $70.30 breakout to aim for $72.0Brent oil holds onto a weekly uptrend despite the previous day’s pullback moves. The British oil benchmark keeps the upside break of double-tops marked in May amid bullish MACD. As a result, the commodity buyers should stay hopeful to refresh the multi-month top, marked the previous day around $71.50. However, the following run-up needs validation from $72.30 comprising an early 2020 high.
On the contrary, a confluence of May’s double-tops and a short-term support line near $70.30, followed by the $70.00 threshold, restrict the immediate downside of the black gold. In a case where the quote drops below $70.00, 100-SMA near $68.50 adds to the downside filters ahead of confirming a bearish trajectory towards the mid-May bottom surrounding $66.70.
Brent Sell breakdown Hi there,
Brent is setting up for drop and deeper correction upto 55 dollar.
Watch for sharp sell off and look for drop or watch for on lower time frame from top.
Good Luck
UKOIL - Trade setup to be watching for the next few hours inWaiting for clear candlestick confirmation at desired level to indicate shift of momentum
Brent oil drops from 21-DEMA as EverGiven refloats in Suez CanalEver Given’s refloat in Suez Canal opened the one-week-old blockage in the busy global route during early Monday. The move not only helped market sentiment but also weighed on the oil prices and dragged Brent Oil from 21-day EMA. Given the fundamental reason and the commodity’s repeated failures to cross the key EMA, the quote is likely to revisit the 61.8% Fibonacci retracement level around $61.15. However, any further downside will be tamed by the monthly low of $60.44 and the $60.00 psychological magnet.
Meanwhile, an upside clearance of a 21-day EMA level of $64.85 can trigger the oil benchmark’s recovery moves towards the one-month-old horizontal resistance around $67.45-50. It should, however, be noted that a sustained rise past-$67.50 will propel Brent oil towards the mid-March top near $70.50 before directing oil bulls to the monthly peak of $72.00.
Brent oil seeks fresh buying but $65.00 probes buyersBrent oil’s bounce-off early February low has a bumpy road ahead as 200-SMA joins the previous support line from February 19 to challenge the commodity buyers around $65.00. Even if the black-gold prices conquer the $65.00 hurdle, March 10 low and February 25 top, respectively around $67.00 and $67.70 could test the oil bulls. It should also be noted that bearish MACD suggests further hardships for the commodity’s corrective pullback.
Meanwhile, six-week-old horizontal support around $61.85 restricts the quote’s immediate downside ahead of 61.8% Fibonacci retracement level near $61.00 and the $60.00 psychological magnet. If at all the oil bears dominate past-$60.00, the late January tops surrounding $56.00 may return to the chart. Overall, oil bears are likely rolling up their sleeves to consolidate the latest run-up.
Brent Oil Trading IdeaBrent oil crashed more then 5% today and RSI value it just near to over sold level in H4, so be ready for not to sell to sell any more. if it will not stop at the level of 64 then nest level is 62. so basically 62 would be awesome price to be enter as BUY for the target of 68 in short span of time.
By:
A.S Dhakad
CMT, CFTe, CWM, MBA
Elliot wave Analysis # Bullish View Brent CrudeUS OIL Impulse move till 75 to 82 odd levels
Currently, cycle wave 5 in progress Finally, prices could turn and begin to form a bullish sequence 5
