Expected downtrend from this point onwards!Rebounded off strong resistance and downtrend should begin.
TP1: 69.90
TP2: 65.75
SL: 73.20 or as per your analysis and risk assessment.
Good Luck and Trade Safe!
Brentcrudeoil
BRENT C. OIL SHORT H4/DAILYBrent crude oil
Double top resistance setup on daily followed by medium to long term uptrend break and currently retesting.
Sell towards retest of the support level below at TP1, chances of it reaching below $60 per barrel is unlikely but possible.
BRENT OIL is moving to key level CL_Brent weekly overview
Price is moving to key level $80.41. Also, it is 2 - months high. Near that level, I will wait for my price action signal. Such levels are keys because many traders hide their stops upper it and have set pending orders.
I have 2 scenarios which I will use:
1. I will look for short ONLY, If the price will make fake broke of $80.41 and H1 - H4 close under it. From that zone, rice can move down to $70 - $72.
2. If the price will break up $80.41 and H1-H4 will close upper it, that will be a signal that exchange rate will continue up move.
Brent Crude Oil Bounces Off SupportLast post: June 16th. See chart .
Review: Price had broken through key support but closed within a zonal area and just above the next pivot support.
Update: Price has bounced off support and closed back above the previous support suggesting further strength.
Conclusion: Looking for further momentum with the bulls and close above the round number 80 to place further long trades.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading
Brent Crude Oil Breaks Key SupportLast post: June 5th. See chart .
Review: Price was being propped up by a pivot support zone and the daily 50sma.
Update: Price has broken through support with an aggressive bearish bar on Friday.
Conclusion: Price is within a support zone that we want to see hold strong. Any further weakness and we will look to cut out of our long trade.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading
A great opportunity to sell in Brent Oil. don't miss it.Midterm forecast:
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
Technical analysis:
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
Relative strength index (RSI) is 47.
Trading suggestion:
There is a possibility of temporary retracement to suggested Sell Zone (77.65 to 80.40). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (77.65)
Ending of entry zone (80.40)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 75.40
TP2= @ 73.25
TP3= @ 71.30
TP4= @ 68.85
TP5= @ 66.65
TP6= @ 62.35
TP7= @ 58.15
TP8= Free
A great opportunity to sell in Brent Oil. don't miss it.Midterm forecast:
Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm.
Technical analysis:
There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased.
The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains.
Relative strength index (RSI) is 47.
Trading suggestion:
There is a possibility of temporary retracement to suggested Sell Zone (77.65 to 80.40). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (77.65)
Ending of entry zone (80.40)
Entry signal:
Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak" , in other words,
NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons:
Take Profits:
TP1= @ 75.40
TP2= @ 73.25
TP3= @ 71.30
TP4= @ 68.85
TP5= @ 66.65
TP6= @ 62.35
TP7= @ 58.15
TP8= Free
Crude oilFractals. Because the markets tend to repeat themselves; on a daily chart I marked the fractals in rectangles, we are now in the spot we were last year in september. After breaking the 71 area of resistance, it retests it and goes further up. I expect a run to the trend line and after that, when it touches to see a correction. If it breakes the upper trend line, we can still keep the long position opened.
Brent Crude Oil. Full technical and Wave analysis
There are a lot of intraday signals for good setup. But consider the situation at the moment. One of them is now presented on the chart and is ready for implementation
Keep an eye out on BCOUSD breakoutOil has been contracting like crazy in the past weeks and the breakout will be nothing short of violent so keep it on your watch list.
Brent Crude Oil approaching support, potential for a bounce!BCOUSD is approaching strong support at 63.54 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a nice bounce could potentially occur at this level to push price up to major resistance at 66.35 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 2.1% where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Brent Crude Oil testing major resistance, potential for a drop!
Brent Crude Oil (BCOUSD) is tesing major resistance at 66.64 (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push price back down to 64.31 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 98% where a corresponding reaction could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Brent Crude Oil starting to break major support,watch for drop!Brent crude oil is testing major support at 68.50 (Fibonacci retracement, horizontal overlap support) and a break of this level could potentially drive price all the way down to 65.96 (Fibonacci retracement, horizontal overlap support). It is important to keep an eye out on our long term ascending support line too which could serve as potential intermediate support.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Brent Crude Oil above major support, watch for a break!Brent crude oil is starting to show bearish signs and a potential reversal. Our major support remains at 68.60 (Fibonacci retracement, horizontal overlap support) and a break of this would trigger a bearish move down to support at 65.98 (Fibonacci retracement, horizontal pullback support). We can see that price has made a recent bearish exit of an intermediate ascending support-turned-resistance line triggering a potential reversal.
Stochastic (34,5,3) is seeing a pullback to 54% intermediate resistance where we expect a further drop from.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
BRENT CRUDE OIL - BUY! Long Term At 15.01.2018 quatation tried break up resistance created by the low range of the 11.2014 candle TF 1 Month.
Now we've got little correction.
But we've got also a strong bullish chanel built from june last year.
So ... we have a few SZ's from 1D TF & resistance lines on the way up! this year.
And one pink TL.
But I think zones and all that stuff could be only a chance for local correction.
First target is around 95 $ (pink TL crossing channel), second target 100 $ (psychological barrier) and then mayby even higher?
With this speed & movement in this channel we can reach 100 $ level circa september this year.
Negation of this scenario:
- of course if OIL break down lower range of channel especially in the area of zones or resistance - it could be biggest correction, consolidation or even change of actual trend.
- if OIL break up channel- then the appreciation can be faster.
I think TA in TF 1 Month could be very helpful too. Check up place's where the candle bodies contact each other in this TF.
And check up fundamental economic events such OPEC decisions and oil reserves.
US Oil - Holding Of Support Hints Further AdvancesAfter failing to hold above 58.79 price came back to test and hold support at 56.83. Longs seen as the higher probability move with a break of 59.79 clearing the way for 61.74.
US Oil - Bulls In ControlLast week Oil performed well breaking above the target and key resistance area of 58.79. This week we would like to see consolidation above this broken resistance now support, with a view for further advances towards 61.74.
US Oil - Long Opportunities On Resistance BreakLast week Oil failed to hold at the key support of 56.83 before bouncing at the 55.03 area finishing the week with a rally back towards the 56.83 level. Next week we will look for a continuation of the overall uptrend with a break of key (now) resistance at 56.83 to clear the way for longs towards the target, and next key area of resistance, at 58.79.
US Oil - Sideways Correction Hints Further AdvancesLast week price traded into and through our target and key resistance at 56.86 and is currently holding as support. As long as support holds we are looking for longs up towards the next key area of resistance at 58.79.
US Oil - Uptrend IntactOil continues its Bull trend with a correction towards the upward sloping trend line providing a great place to look for Bullish patterns for longs up towards the targets of 56.86 and 58.79 respectively.
