Brentoil
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.
Energies Recovered!Firstly, please support our work by clicking like button or following! These really assist us to reach more investors & traders like you!
Energies spent a greater part of the week consolidating before collapsing on Thursday. Heading into next the outlook looks bullish as
economic data from across the globe is picking up the space in the positive direction.
BRENT oil – my point of view. The 2nd variant!
Continuation !
The 2nd Variant:
The 2nd variant in my point of view at the present moment consists of two variants.
The 2nd variant of the course of events refers to as the notorious 4th wave can take as a simple correctional formation ABC, so as a variably complex formation ABCDE ( other variants are also possible and at the present moments it is very difficult to say how the wave structure will be formed there is no structure), two variants in the simplest way I have tried to show on the chart, as I see them at the moment
Both two variants reflect more possible, classical variants of correction development in 4 waves, taking in consideration the rules of interchanging etc. 😉
Conclusion:
The chart from the technical point of view tells that the price is tapped in the bearish trend, in the sideway movement, in the range with the upper limit of 60 $ and with the lower limit of 10-15 $.
In my opinion such situation will continue for the following 6 or even 10 years, with the call to the lower limit.
The fundamental image also approves at the present moment this variant of the course of events in accordance with energy alternative types development!
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Important!
Once again for understanding, the wave structure, patterns, and graphic models tend to change or change the structure, therefore confirmation is important.
The author does not sell anything! He does not give signals to enter or exit a deal!
Does not take funds into management!
Does not educate others on a paid or free basis! Well and so on 😉
Remember!
Forecasts of financial markets are the private opinion of the author.
The current analysis is not a trading guide.
The author is not responsible for the results of work that may arise when using trading recommendations from the submitted reviews.
Crude Oil Elliott Wave IdeaUpdate on below idea:
Think an ABC completed at 1.618 ($41,15) in an ending diagonal and now nearing the start of wave 3.
This idea is invalid above $41,13 and would start confirmation below $39,95
Brent oil will rise to $ 50?as you can see on my chart, the price of oil each time approaches the resistance level of $ 43.5, creating accumulation as part of an uptrend to go up with breaking through the resistance level, previously there was a double top option, but this double top turned into a more growing one picture, I expect a break through the level of $ 43.5 with an increase of up to $ 50 in the coming days.
BRENT OIL BULLISH TREND CONTINUATION! BUY BCOUSDHi traders we have a classic trend continuation trade here and the expectation is that the market will likely rally from this point to about the 127.0% or 141.0% Fibonacci extension. This is also a 123 strategy + middle line/61.8% reversal which I teach in my zoom trading classes so let's see if the market will give us the win.
OIL correction Coming upOIL waiting for correction :
1. Raising trend line broken
2. waiting for falling trend line to re-test
3. Red zone near 61% fib
4. Please enter the trade after candle stick patterns or price actions in lower time frame.
Please like or support this idea and share your comments.
CRUDE OIL waiting for the sell setup to formOn DAILY: CRUDE OIL is sitting around a strong resistance zone in green and filling the GAP so we will be looking for objective sell setups on lower timeframes.
on M30: CRUDE OIL is testing a supply zone in green and forming a channel in red (not valid yet) so we are waiting for a new swing to form around our lower red trendline to consider it objective and sell on its break downward.
we also have a regular bearish divergence adding more confluence to our sell setup.
Crude Oil Elliott Wave IdeaUpdate on below idea:
Still believe oil is in a corrective pattern; either WXYXZ up to $41 area, or WXY is already completed at $40,58 and we're in wave 2 of an impulsive move down already. A break above $40,58 invalidates the wave 2 idea, a break above $41,62 invalidates the WXYXZ idea.
UK Oil Here on UK Oil we have a bat pattern and the PRZ is lined up beautifully with a major resistance level!
OIL, Buy after retest and false break downYou will learn the best place where we can trade this instrument at low risk.
Write in the comments all your questions and instruments analysis of which you want to see.
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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade.
Crude Oil Elliott Wave IdeaUpdate on below idea:
Oil now hit the .618 level and what could be an ABC completed...is oil on the brink of collapse?
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.
The future of oil pricesOil prices are likely to fluctuate on the floor and ceiling of Bollinger Bands and are forming a triangle pattern.
Also, in the stochastic market indicator, the formation of the double bottom pattern can be seen, and it seems that the price will be well supported at this point.
Crude Oil Elliott Wave IdeaTo me it looks like oil is in the early stages of C or wave 3, in addition there appears to be a head & shoulder formation after price hit the 0.5 level.
Oil could hit the 1:1 extension at $34,89 to complete a C wave and bounce up to a new high above $41,63, or push down much further to 1.618 extension at $32,12 to complete a wave 3 of deeper C.
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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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
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated! ❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how do you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
Crude Oil Elliott Wave IdeaUpdate on below idea:
Thinking oil is correcting now but still in an impulsive move downward overall.
If price gets above $39,46 then it would invalidate this theory.
Crude Oil Elliott Wave IdeaUpdate on the below idea:
Oil has hit the .236 extension but could push up to higher extensions...If this 5 wave theory is correct then there should be a large correction coming.
Crude Oil Elliott Wave IdeaSmall timeframe idea for oil.
Could be ABC or wave 3 completing at $3990...a break above $40,86 could lead to a new high above $41,62 or be part of a more complex correction such as WXY or WXYXZ, a break below $39,90 could lead to a new low toward $39,50 for wave 5
