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Brentcrude

COVID retracement comingLook at Oil chart. 20 days ago I've noticed bulls weakness and now we witness full retracement week. First visible bounce happened yesterday, but it may easily continue lower to 38.77 / 37.84. Stocks are joining the bearish show. Looks like COVID is coming back. France is went up to 4th place in the world in active cases. India took the second. While fairytales about vaccine are multiplying, no one really knows what to expect during Autumn months, when flues are most active. I think we may expect a bounce to 43-44 within nearest days/weeks. Will use it to exit as much stocks as I can. Maybe open shorts. Week chart doesn't bring anything bullish.
TVC:UKOIL
by WiseAnalyze
CRUDE OIL Short to Target $20.00 by Christmas 2020.BRENT OIL 1 Week Chart, with Ichimoku Cloud. So we all know from May this year that about $20.00 is the limit where OPEC & Russia will start holding hands and interfere with the oil price. And you think about the below reasons, and look at the Weekly chart.... Reasons: 1. COVID - Economies around the world are NOT recovering to previous levels, LESS consumption by Industry. 2. COVID - More companies are adjusting to remote work, LESS driving, LESS gas consumption bu cars. 3. CHINA - China bought all the cheap available oil, latest prediction is that it would take 45 days just to use that stored oil 4. TANKERS - More tankers are available after they transported oil, More oil to go to floating tankers for storage 5. SAUDI ARABIA - Just had to lower its oil sale prices, 6. RUSSIA - Still eyeing a clash with Saudis 7. OPEC - Turns out UAE produced over its quotas, Iraq wants to be out of the limitations. 8. US SHALE - Some still have to produce, adding to the glut 9. AIRLINE INDUSTRY - Jet fuel consumption have never been this low, and doesn't seem it will be able to recover anytime soon. Conclusion: A SHORT position today ($41.35) with a STOP LOSS of $44.50, TARGET of $20.00... And all in 15 Weeks before Christmas... If the price breaks above $44.50, before Christmas, the trade is null. *NOT an investment advice!*
FX:UKOILShort
by mehmetozgurkaragozoglu
1
Brent Pullback, Sellers to Take over?Last week we saw brent oil break the 50% retracement level from the free fall in price from over supply and lack of demand from the corona virus at the start of the year. This week we have seen a pullback edging to this retracement level, will the bulls continue to prop the market up or has momentum finally ran out? With fundamental data showing a gloomy economic forecast and coronavirus cases starting to rise is this the moment we see large selling within the market?
TVC:UKOILShort
by Calumjk
CRUDE OIL waiting for the sell setup to formon DAILY: CRUDE OIL is sitting around a strong resistance zone so we will be looking for objective sell setups on lower timeframes. on H4: CRUDE OIL is trading inside our red wedge pattern but the lower trendline is not valid yet so we are waiting for a third swing to form around our lower trendline to consider it our last swing and then enter on it break downward. so also have a regular bearish divergence adding more confluence to our sell setup.
TVC:USOILShort
by TheSignalyst
Brent Crude Oil Important technical analysis updateMidterm forecast: . While the price is below the resistance 44.55, beginning of downtrend is expected. . We make sure when the support at 36.95 breaks. . If the resistance at 44.55 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: . There is a divergence in RSI and price between the peak at 43.315 on 2020-06-08 and the peak at 43.93 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased. . While the RSI support #1 at 50 is not broken, the probability of price decrease would be too low. . A peak is formed in daily chart at 43.80 on 07/06/2020, so more losses to support(s) 42.20, 40.00 and minimum to Major Support (36.95) is expected. . Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. . Relative strength index (RSI) is 62.
FX_IDC:USDBROLong
by ForecastCity
14