Brent Crude OilLong
BRENT CRUDE OIL (BCOUSD) POTENTIAL LONG OPPORTUNITY
Updated
Hey everyone hope you are doing AMAZING! Just wanted to get on here and do a simple post on an potential opportunity I see with brent crude oil! Buckle your seatbelts and let's dive in!
OK so first off higher timeframe. Like I'm talking monthly(s) & weekly you can see that price has kind of been in this wedge patter getting squeezed for the last like little over a year! So this has held price for a long time which is definitely significant and probably going to indicate at some point soon market sentiment (supply or demand) extreme will form to either push price up into monthly historical supply levels or down into monthly historical demand levels...EITHER WAY...I am in the next couple of weeks (2-3 most likely) expecting a push to the upside. FIRST THING that gives me this conviction is the reaction off of the bullish trendline within this weekly/monthly wedge pattern. SECOND THING is the fact that on the weekly timeframe price left a large wick to upside showing me that it may come fill that price. THIRD THING is that price is pulling into a newly formed daily/4H demand and going to watch the momentum(interest) of the sellers bringing it into the level. We obviously want to see weak sellers if we are ultimately looking to buy and would really like to see that strong response from the buyer as well once it comes into that zone!
OK so I think this is the extent of how much I want to break this down hope you guys got some value in this if you did please boost the post and follow my page for more accurate and insightful breakdowns!!
Cheers!
OK so first off higher timeframe. Like I'm talking monthly(s) & weekly you can see that price has kind of been in this wedge patter getting squeezed for the last like little over a year! So this has held price for a long time which is definitely significant and probably going to indicate at some point soon market sentiment (supply or demand) extreme will form to either push price up into monthly historical supply levels or down into monthly historical demand levels...EITHER WAY...I am in the next couple of weeks (2-3 most likely) expecting a push to the upside. FIRST THING that gives me this conviction is the reaction off of the bullish trendline within this weekly/monthly wedge pattern. SECOND THING is the fact that on the weekly timeframe price left a large wick to upside showing me that it may come fill that price. THIRD THING is that price is pulling into a newly formed daily/4H demand and going to watch the momentum(interest) of the sellers bringing it into the level. We obviously want to see weak sellers if we are ultimately looking to buy and would really like to see that strong response from the buyer as well once it comes into that zone!
OK so I think this is the extent of how much I want to break this down hope you guys got some value in this if you did please boost the post and follow my page for more accurate and insightful breakdowns!!
Cheers!
Note
Seeing that buyer push starting to come into play for OIL towards end of the week here! Will be interesting to see how it develops from here! Cheers!Trade active
Target 1 Reached price headed to overall target! Cheers! Don't sleep on this analysis guys! Love you all...hope you learned somethingTrade closed: target reached
Take profit 1 level was hit last week! Cheers on to the next!
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