Brent Crude might have a top in place at $44.00Brent Crude is looking to drop further towards $33.50 and $26.00 as the commodity carves a meaningful top around $44.00 handle. The earlier rally from $15.75 through $44.00 seems to have completed 3 waves at least. We can expect a minimum drop towards $33.50, which is fibonacci 0.382 retracement of the entire rally. Having said that, please do note that Brent Crude has got enough room to correct lower towards $26.00 (fibonacci 0.618 retracement) as well. Possibilities remain for a sideways consolidation before the next major move. Overall, Brent remains bearish below $44.00.
Strategy:
Short against 44.00, targeting 33.50 and 26.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brentcrude
UKOIL Brent Crude TECHNICAL OVERVIEW Recently, there has been a lot of news about the fact that oil futures have recently doubled after the last fall, that JP Morgan has earned a couple of billions, and so on and so forth.
It is a rumor that oil will fall again to $ 20 per barrel, I honestly do not really believe in this scenario, since oil is not only a trading product but has a certain influence factor from different countries, so most of the OPEC and OPEC + participants will try to speculate prices and other traders will help them in this.
Now I am exiting LONGS for oil because traders are trying to close the GAP, so we have a certain level where we can observe further price developments.
If we discard the speculative market and look from a technical point of view, we have two variations.
1. In which I very much believe this is breaking through the support level, a small correction, and going up to the golden ratio.
2. This is the exit from the channel and the fall, where we will wait for the bear rally to expire. and buy it again.
I would like to note that this analysis carries with it the subjective opinion of the author and does not force trading and is not a signal for buying or selling instruments.
Take care of yourself, like, and subscribe to my channel, leave comments, and write your own about the current situation.
Don't miss the great sell opportunity in BrentTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 48.
Take Profits:
TP1= @ 39.70
TP2= @ 38.65
TP3= @ 37.10
TP4= @ 34.10
TP5= @ 32.30
SL: Break Above R3
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Brent Crude Carves Intermediary Top Around 44.00Brent Crude has carved a potential top around $44.00 handle. The commodity has dropped lower below $40.00 as we prepare to publish this article. The entire rally between $15.75 and $44.00 seems to have unfolded in 3 waves until now. If a triangle is unfolding, we would witness another 3 waves drop towards $26.00 (fibonacci 0.618 of the previous rally). If an impulse is underway, Brent could find support around $33.00 (fibonacci 0.382 retracement of Wave 3). Either way, Brent Crude is heading lower from here. We therefore turn our outlook to bearish for the next few weeks to come. Immediate support is seen around $37.20, and a break lower would confirm that a meaningful top could be in place at $44.00 levels.
Strategy:
Short against $44.00, targeting $33.00 and $26.00 respectively.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude within a tight range $40.20-$41.30Brent Crude short term probable wave counts could be as follows: The drop between $43.40 and $36.99 is in 3 waves, Wave a on the chart. The subsequent rally towards $41.64 is also 3 waves until now, Wave b on the chart. If the above counts hold well and Brent remains below $43.40, a potential flat corrective wave structure(3-3-5) could be in the making. Alternately, if prices break through $41.65 and higher, Brent could be on its way towards $45.00-$46.00 before reversing lower again. If the former count is unfolding, we should see a sharp drop, sub dividing into 5 waves, as Wave c unfolds towards $33.00 and $26.50 respectively.
Strategy:
Short against $44.00, targeting $33.00 and $26.50 in the medium term.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude remains vulnerable for a drop towards $26.50Brent Crude seems to be in a corrective phase since $43.40 highs. A potential flat might be underway towards $26.50, going forward. Looking at the short term wave counts, Brent had earlier drop from $43.40 towards $37.00 in 3 waves. The subsequent rally has been in 3 waves until now, and has managed to reach close to the fibonacci 0.618 retracement of earlier drop, seen around $40.80/90. If a flat (3-3-5) is unfolding, prices should remain below $43.40 and reverse lower towards $26.50 handle. Also note that $26.50 is close to fibonacci 0.618 retracement of the entire rally between $15.75 and $43.40. We would watch price action around $26.50 and turn bullish again if required. At least for the short term, we are changing our stance to bearish.
Strategy:
Bearish against $43.40, targeting $33.00 and $26.50.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude carved a meaningful top around $43.40Brent Crude seems to have carved an intermediary top around $43.40 handle. It has since dropped towards $39.84, sub dividing into 5 waves at a lower degree. Furthermore, the rally to $42.00 yesterday was corrective. If the above short term structure holds as 5-3, Brent is preparing for another 5 waves lower towards $32.80/33.00 respectively. High probability remains for a deeper correction towards $26 and further. We are changing our stance from long term bullish to bearish for the next few weeks. Also note that fibonacci 0.618 retracement is seen towards sub $26.00 levels. It would be considered safe to take profits on the long positions initiated earlier and remain flat or aggressively short.
Strategy:
Short against $45.00 towards $33.00 and $26.00
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Try again: Brent Oil Entry Level at 40.72; Target 43.00Triangle formation, will TVC:UKOIL CURRENCYCOM:OIL_BRENT break the triangle and move upward.
Stop Loss at 40.00.
Initial trade today at BUY at 40.80 stopped at 40.30.
Brent Crude resumes corrective drop towards 33.00 and 26.50Brent Crude might have carved interim top around $43.40 handle, after having rallied from $15.75 lows in 5 waves. Ideally, an impulse is followed by a 3 wave corrective drop and Brent might have resumed towards the same. The first Wave A is expected to drop through $33.00/34.00 support, near previous Wave 4 as seen on the chart here. Subsequently, Wave B should pullback marginally before Wave C resumes lower towards sub $26.00 handle. Please note Brent Crude is bullish against $15.00 for the long term, except for the above corrective drop. Conservative trading approach should remain buy on dips, while an aggressive trading strategy should be to sell on rallies. A drop below the $39.00 handle is required to confirm that Brent Crude is heading lower towards $33.00 and beyond.
Strategy:
Long against $15.00, targeting towards $65.00 in the long run.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent to Break over $40.00 to $45.00?Lets see if the price squeezed in this triangle breaks and the bulls have the day...
Brent Crude ready to drop towards $31.50 at leastBrent Crude seems to have completed its impulse rally that had begun since $15.75 lows in April 2020. The commodity has hit fibonacci 0.618 extension of waves 1 through 3, at 39.00 levels already. Ideally, a 5 wave rally is followed by a 3 wave corrective drop at a similar degree A-B-C. Wave A could drop towards fibonacci 0.382 retracement of the entire rally or previous wave 4, which is around $29.00 levels. It should be followed by Wave B higher and finally Wave C lower towards 25.50 at least. A 5 wave rally also confirms that Brent Crude has still got enough room left on the north side and that the commodity might remain in control of bulls for a long time. We should be witnessing a sharp rally towards $65.00 levels as Wave (3) unfolds, after the corrective drop is complete.
Strategy:
Short term bearish towards $31.50 and $25.50
Long term bullish against $15.00, targeting $65.00.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude Has Topped @ 36.90 or Could Print $38.00Brent Crude drop from $36.90 until yesterday seems to be a flat/corrective. Hence probability remains that there could be another high before Wave 5 terminates. As seen on the chart here, the fibonacci 0.618 extension of Waves 1 to 3 is seen around $38.99. The counts have been adjusted accordingly, leaving room for another push towards $38/39 levels before reversing lower again. Either way, Brent is on its way towards a long term bullish reversal and a meaningful corrective drop would provide yet another opportunity to initiate long positions. Overall, Brent Crude structure remains bullish against $15.00, going forward.
Strategy:
Long against $15, targeting above $50/60, long term.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Today's matrix for mid term trading on m60 and h1 timeframes.ICEEUR:BRN1!
Hi everyone. My analysis done for my main timeframe 5m. I start from higher timeframes and move down to lowest m5. As my analysis is already done, I'm publishing matrix levels also for h1 for mid term traders.
If somebody is interested in higher timeframes such as D1, W1 please let me know in comments and I will publish these levels too.
Moved to new contract. Futures contract for Brent crude , London exchange ICE 08-20
My trading is based on market phases.
For timeframes m60 and h1:
Buy after breakout on the test of level 36.92, target 38.19
Sell 33.7, target 32
Brent Crude prepares to drop towards $29.00Brent Crude might be preparing to unfold its corrective drop as a flat towards $29.00 levels at least. The commodity seems to have completed 5 waves rally between $15.75 and $36.90 respectively. During this rally, it has managed to take out a major resistance at $36.30 levels. It is now confirmed that bulls are in complete control and that the rally is not complete yet. Ideally, after a 5 wave movement in one direction, we can expect a 3 wave move in the opposite direction (counter trend). In this case, a counter trend drop is expected to resume any moment towards $29.00 as the first target. We would review again when prices reach $29.00 to see if the drop is complete. Overall, expect a corrective drop for the short term, before Brent Crude rally could resume toward $50.00 levels.
Strategy:
Long term bullish against $15.00, targeting above $50.00
Short term bearish towards $29.00, stop at $39.50
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude Complets Impulse Around $36.30/50Brent Crude seems to have either completed 5 waves rally around $36.0 today, or is very close to terminating. We have been calling for this impulse wave to be completed since $16 lows in April and that Brent has managed to carve a multi-year low. The wave counts are absolutely clear with not much room left for error. Ideally, after a 5 wave rally, we can expect a 3 wave corrective drop. With the above target achieved, bulls might be preparing to take a break as bears take control to produce a meaningful corrective drop. A break below $34.00, lower degree wave iv, will confirm that a meaningful top is in place at $36.70. Aggressive traders might be looking to go short with a potential target around $24.00 going forward. Overall long term structure remains bullish except for the corrective drop to materialize soon.
Strategy:
Long term: Long against $16, targeting above $60
Short term: Short against $38/39, targeting $24
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Brent Crude is close to terminating Wave 5 just above $36.30Brent Crude may be just one wave away from terminating Wave 5. The projected fibonacci extensions are pointing towards $37/38 levels but a push above $36.30 would complete minimum requirement. Also note $36.30 was previous Wave 4 termination at a lesser degree and a break higher confirms trend reversal for the long term. We had been calling for a push through $36.00 levels since last several weeks now, and it seems Brent is now close to completing its first impulse through $36.30 resistance. Thereafter, it is expected to produce a corrective drop A-B-C towards $24.00 levels, before resuming its rally. Believe it or not, Brent Crude has potential to close year 2020 back above $60.00 handle.
Strategy:
Long against $15.00, targeting $36.00/37.00 (almost achieved). Waiting for a pullback to enter buying again.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.