Long

Brent Crude Oil: UKOIL Buy point with 19 pip risk and 500 reward

Updated

BRENT Crude Oil UKOIL Update
A nasty failed break above the upper paralle lhas forced Brent
back to the lower parallel, the entry point was hoping for, so
am going long at 62.18 with stop under 61.90. And if this call
goes wrong and Brent breaks below the lower little parallel of
this flag forming now will reverse completely for fall to 61.12.
If it's going to rally as expected, it should do it from here (see
earlier comments for details)

Note

Note

This long from 62.18 needs its stop raising now to just under 63.28 for 110 pips profit if it goes wrong from here. Chart still saying more upside though there's a potential for another near term top approaching from the minor rising dynamic shown on chart...likely a point that day traders will use when next encountered. If that coincides with a top already reached to the left of the chart - so that price meets both dynamic and fixed at the same moment, then the impact should be greater..close out long if you see this...this happening right now at 63.72 so am closing out long for 150 pips and will maybe re-enter later

Note

Am buying again 63.74 with stops as above

Note

Raising stop to 63.62 for 12 pip loss if wrong

Note

Am buying again at 63.87 with stop 23 pips lower. Too distracted by altcoins to get long at the lows. Bad mistake.

Note

This can come back to 63.64 so am lowering stop to under 63.58 for 29 pip loss if wrong from here

Note

Brent Unbelievable...this is a flag but the shape has changed with this recent price action. Two strikes on the lower parallel means "hot' ! This is highly like to surge higher still, but the critical level looks to be 63.80 where three lines meet.
Cannot therefore jump the gun yet, but this pattern with 2 strikes means underlying strength not weakness, usually. So we have to be prepared for it to happen: a break above 63.80 should be followed on the next minor-pull back with stops under 63.70 for small loss if wrong.

sumastardon

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.