Brent 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...
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
Ever 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%...
Brent 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...
Brent 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
Having failed to conquer $72.00 during early 2020, Brent bulls again confront the key hurdle comprising 78.6% Fibonacci retracement level of October 2018 to April 2020 south-run. Although fundamentals are favoring the black-gold buyers, overbought RSI and the strong upside resistance challenge the commodity’s further upside around $72.20. If at all, the bulls...
Trading sentiment on the floor remains quite depressing as markets await Fed Chair Powell’s half-yearly testimony. However, the bullish chart formation on the four-hour play keeps Brent oil buyers hopeful, despite the latest pullback from $66.76. It should, however, be noted that the oil bulls need to stay away from $63.40 and $62.90 supports comprising 50-SMA as...
Midterm forecast:
54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected.
Price is...
BUY 58 TO 56.589
TARGET 71
Reason For Buying This Script :
In weekly frame it is forming the Elliott wave it is having good potential to move upward. so we can go for buy.
Now it is in correction mode . Use this opportunity and buy at this levels 58 to 56.589.
once it cross 71 and close above 71 in weekly time frame means next target up to 87 .
Note :...
Om Namah Shivay
Crude looks positive, it should not go below 63,
it has possibility to touch 66,75,86 before going further higher to 97.
Om Namah Shivay
Following its run-up to a fresh high since January 2020, Brent Oil wavers around $61.25 amid overbought RSI and sluggish markets. Given the fresh headlines suggesting US-China tension, coupled with the US stimulus gridlock, the commodity has reasons to look for a pullback. However, the yearly peak surrounding $60.26, followed by the $60.00 threshold, can test the...
