Brentcrude
BRENT/USD 4H Chart: Expects pullback BRENT.CMD/USD has been appreciating in an ascending channel since the middle of August after the pair reversed from its bottom boundary of the channel pattern at 72.00.
Given that technical indicator on both the daily and the weekly time frames still remain bullish, it is likely that the pair continues trading in the one month ascending channel within the coming days.
However, it is expected that the BRENT.CMD/USD pair makes a brief pullback towards a support cluster formed by the monthly and the weekly PPs near the 80.52 mark during the coming trading sessions.
Brent crude oil breakout could target 88.50The breakout above 80 has been confirmed on a daily basis, but not weekly.
Scenario A) Brent pulls back to 80.50-81 for possible buy setup - short term resistance at 82- then LT target is 88.50
Scenario B) Pullback extends further lower, risking potential false breakout on weekly basis
RIG: Potential 5th wave for 26% upsideI am an oil bull fundamentally and technically speaking. In this forum, I shall stick to technicals and I see a wave 4 completion with a double bottom at the 61.8% retracement level off high volumes. Assuming a 1:1 extension off the 3rd wave, I would expect an upside price objective of $16, +c.26%.
Weekly reversals at $80 in Brent crude oil look bearishSeveral weekly reversal candlesticks at the 80 level are bearish
Scenario A) 77.85 acts as resistance and price falls to 77, with break of 77 leading to larger fall
Scenario B) 77.85 gives way for another run at 80
Brent oil bullish on D1 and 4H time-frameBRENT oil is moving higher. On my view It could probably move until 70 the approx next resistance value on the chart
Brent over-boughtBRENT crude has been in over-bought territory since 22 August. It looks like it could roll-over here for a move towards $73.00...It's a brace short but what a nice move if you catch it!
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!
Brent crude oil: bearish engulfing candle at MA resistanceA bearish engulfing daily candlestick has confirmed the 20/50 DMA resistance zone
Scenario A) Wait for rebound up towards 74.50 and move off oversold conditions on 4hr chart
Scenario B) Follow 4hr trend lower as price breaks below 73
WTI Oil Macro OutlookWest Texas Intermediate Crude Outlook
Technical Analysis:
Still on an uptrend but indicators are showing signs of weakness.
- Bearish Divergence on the Weekly for both RSI & OBV
- Elliot wave count could indicate end of wave 5 and start of an ABC correction
- Break below 67.476-ish area bottom of trend line would indicate further bearish momentum however support on the bottom trend line could indicate a continuation of the uptrend
- Weekly candlestick reversal pattern formed
Key support levels are
- 62.5 - 60
- 54.65 - 53.5
Fundamental Analysis:
- Libya's state-run National Oil Corp open up adding a supply shock to the oil market adding to the bearish price action
- Trade tension affecting crude prices due to the following reasons currency fluctuation (stronger dollar = pressure on crude) and tariff to the energy sector (decreasing demand)
- OPEC could boost oil supply more + Trump (adding to the supply)
- EIA inventory indicate levels reported a below forecast with decrease inventory levels -12.63M (-4.489M forecast) (www.investing.com)
Much lower than forecast which would indicate further bullish price action however price traded downwards instead, this would indicate that the information has already been priced into the market.
Summer season also is expected to have increase in demand due to driving seasons thus market has already priced in to such information.
In my opinion, the actions taken by various organization to cool down oil prices would lead to a supply shock where we would see a sharp decline in oil prices over the following months or until trade tension subsides.
Happy Hunting,
Charles Chua
Disclaimer
This information is for educational and informational purposes only. Any information and advice on investments are thoughts and my own opinions only. I am not responsible for any investments you make.
One last rebound from 72.50 in Brent Crude OilBrent crude had a dramatic 6% daily drop on Wednesday-
The break of a long term up-trendline is a likely precursor to more weakness.
Scenario A)
Price rebounds from 72.50 support back towards 76 resistance.
Bearish action resumes from 76 or price continues higher into range
Scenario B)
Price continues to fall below broken trend line with immediate break of 72.50
Brent Oil - Will Slump in the short termOil will go Slightly uo in the coming hours - and will slump down.
Friday close was bearish...Although Canadian numbers came in VERY weak, oil prevented USDCAD from flying up to the moon and kept it contained. OPEC has agreed to a smaller than expected production boost, estimated 1m combined per day output increase. Technicals are pointing towards a minor correction, whether USDCAD will then continue up remains to be seen. 1.3383 is the latest high wick, although it failed to close above the previous candle.
Support Holding Strong on Brent Crude Oil?Last post: June 4th. See chart .
Review: Price was pulling back to retest a previous pivot support level.
Update: Price attempted to break through support but failed producing a potential indecision candle today.
Conclusion: Looking for support to stay strong and for the bulls to make a move back up to $80.
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 Back at SupportLast post: May 30th. See chart .
Review: Price was bouncing off support and heading back towards $80.
Update: Bullish strength was short-lived and the bears have taken price back to support.
Conclusion: We want to see support hold strong again and for price to break through $80 and then trend through to $100. Patience needed.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading
Strength on Brent Crude OilLast post: May 27th. See chart .
Review: Price is in a bull trend but was pulling back after finding resistance at $80.
Update: Price has found support at a pivot level and we have seen strong bullish action today.
Conclusion: A potential bull flag is possible but need a break and close above $80 and the May pivot high to confirm that.
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
$80 Resistance on Brent Crude Oil This commodity is featuring for the first time on our TradingView blogs.
Current setup: Price has been in a bull trend since last year. Most recently, price broke out of consolidation in April and trended well to $80.
Conclusion: Price is struggling to break through $80. We will be standing aside until a break and close above $80 to add more long trades.
Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!
Sublime Trading
Chart pattern signal shows price of Crude Oil to go higher.Long term view. The chart patterns in the ellipses are occurring twice in the last 9 years, first in 2009, and now again from end of December 2017 to present day, and as we see that cycles repeat, expectations are the price of Crude Oil to go even higher against $80 - $100 per bbl. And it is not the technical analysis that appoints to this scenario happening, but also yesterday we got very clear vision for the future price directly from Saudi Arabia, officials stated Saudi Arabia needs price of oil to get to $100, and considering they have the power to adjust the production output in partnership with OPEC members and also non OPEC members in accordance with the demand and risks occurring around the oil markets, we can expect positive months for the oil markets to come. As the price makes correction to the downside buyers are emerging on levels below $65 and $63. As we expect that the price will rise, it has probability of going up gradually with resistances occurring close to these levels: $70, $72, $75, $80, $92, $96.
Link for a video analysis for the Oil.
www.youtube.com
Link for the OPEC's price hawk vision.
www.reuters.com
Risk warning!
---------------------------------------------------
Trading carries a high level of risk to your capital and may result in losses that exceed your initial deposit. You should first be aware of the risk and know what you do before you proceed with trading. Supplied information is not advice.
.BrentCrude Patron Armonico en VentaVeo varias confirmaciones de Venta en el .BrentCrude
1- Hay una resistencia muy Fuerte en la Zona del 71.00
2- Hizo un Doble Techo en D1
3- Formo un patron armonico Bajista en D1
4- En temporalidad de H1 hizo ruptura de la linea de tendencia alcista confirmando la entrada.
WTI: Potential ABCD reversal to $57Crude (Brent or WTI) broke out their respective consolidation range over the last few days and are completing an xABCD pattern. If you would to pull out the weekly chart for CB11, you should be able to trace out an ABCD completion. Downside projection suggest a low teen downside target to $60 for CB1! and $57 for CL1!. Most traders are looking at inventory numbers and forgetting it takes strong oil demand to work down the inventories. If the Donald launches another round of tariffs on China and China retaliates, we can kiss the bullish demand picture good night.
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.
