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Brent Oil - 50% Fibo could act as strong supportResistance - $48.62, $49.34, $50.30 Support - $48.34, $47.62, $46.16 Brent's five-day losing streak has pushed the 4-hour RSI into oversold territory. Thus a temporary loss of momentum is likely. Given this, a corrective rally could be seen, especially if prices stage a rebound from $48.34 (50% of May 2015 high-Jan 2016 low). A rebound from the said fibo level could yield $49.34 (daily 5-MA). On the other hand, day end closing below $48.34 could signal trend reversal.
FX:UKOIL
by TipTVFinance
Brent oil – Bullish price-RSI divergence on hourlyResistance - $49.55, $50.15, $50.89 Support - $48.89, $48.34, $47.13 Brent’s four-day losing streak may come to an end today if the bullish price RSI divergence seen on the hourly chart results in a break above $49.55 (rising trend line – black seen on daily chart). In such a case, doors would open for a test of daily 5-MA located around $50.15. On the other hand, break below $48.89 would mark failure of bullish price RSI divergence and thus may yield $48.34. A daily close below the same would add credence to recent bearish move and increase odds of a drop to rising trend line(red) on the daily chat.
FX:UKOIL
by TipTVFinance
Brent oil – Rising trend line supp could be put to testSupport – $49.80, $48.62, $48.34 Resistance - $50.46, $50.89, $52.00 Brent’s drop in Asia if followed by hourly closing below a smaller rising trend line support (red) on hourly chart would open doors for a slide to larger rising trend line (black) support at $49.00 levels. However, hourly RSI is oversold and a thus a rebound from smaller rising trend line support followed by a break above Asian session high of $50.46 would shift risk in favor of a rise to $52.00 levels. Overall, dips are likely to be met with fresh bids as long as prices do not see a day end closing below $48.34 levels.
FX:UKOIL
by TipTVFinance
Brent oil - Eyes hourly 100-MA supportResistance - $51.84, $52.43, $52.83 Support - $51.25, $50.89-50.72, $50.00 Brent's bearish price rsi divergence on the hourly chart followed by a break below $52.00 levels indicates the prices could drop to $51.25 (hourly 100-MA) levels. A break lower lower could yield $50.89-$50.72. On a larger scheme of things, bullish invalidation is see only if prices see a day end closing below $48.34 levels. The hourly chart also shows a downtrend has been established, thus the resistance has to be taken out if prices have to re-test $52.00-$52.43 levels.
FX:UKOIL
by TipTVFinance
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Brent oil - Bearish divergence, gasoline inventories riseResistance - $52.83, $53.05, $54.00 Support - $52.43, $51.91, $51.50 Us weekly inventory data released yesterday showed inventories fell for the third consecutive week, dropping by 3.2 million barrels versus expectations for a 2.7 million-barrel drawdown. This is a good news since it shows suppliers trust the current rally in prices . However, gasoline inventories grew by 1 million barrels and distillates, which include diesel and heating oil, rose by 1.8 million barrels. Markets were expecting a drawdown here as well. This might be a one-off figure but could be enough reason for bulls to take some profit, especially since the prices are overbought as per daily as well as intraday RSI. Consequently, we may see prices breach support at $52.43 and drop to rising trend line support on hourly around $52.00 levels. A violation there might trigger a slide to $51.50. On the other hand, a rebound from rising trend line level followed by a break above yesterday's high of $52.83 would shift risk in favor of a further rally towards $54.00 levels.
FX:UKOIL
by TipTVFinance
Brent oil – Challenging channel hurdleResistance - $51.50, $52.43, $54.00-54.10 Support - $50.89, $50.00, $49.33 Prices clocked a high of $50.81 yesterday but ended the day at $50.49, which means we are yet to see a day end closing above resistance at $50.81 levels. Nevertheless, Brent has moved higher in Asia and is now challenging channel (blue) resistance around $51.50. An hourly closing above same would add credence to bullish break above $50.89 and expose resistance at $52.43. On the contrary, a failure to take out/sustain above $51.50 followed by a drop below $50.89 amid overbought daily and intraday RSI would signal a drop to $49.33 levels (channel support – blue).
FX:UKOIL
by TipTVFinance
Bullish break in Oil may push USD/CAD lower to leg D of CypherOn the right hand side we have USD/CAD pair with a cypher plotted on it. Leg D stands at 1.2616. On the right hand side, we have WTI oil daily chart, which shows prices struggling to take out $50.18. The message is pretty clear. If WTI oil sees a day end closing above $50.18 it would not only negate the possibility of double top formation, but would also signal continuation of rally. In such a case, there is little in way for USD/CAD to drop to 1.2616. However, one needs to respect the levels in WTI. If the day end closing is not above $50.18, we could head lower towards double neckline, especially since RSI is overbought on hourly, 4-hour and daily time frame.
FX:USOIL
by TipTVFinance
WTI Oil - Bulls need closing above $50.18A minor rising trend line (red) stands breached. Moreover, an attempt to take out the same appears to have failed. Prices clocked a high of $49.86 before trimming gains to trade around $49.37. On a larger scheme of things, bulls appear in control as long as the larger rising trend line (black) stays intact. However, for existing bulls to bulk up their positions and for fresh longs to enter market, prices need to see a day end closing above $50.18 levels. Bearish move is seen gathering pace once black trend line support becomes a resistance. Such a move would add credence to the possibility of prices falling to Leg D of Cypher pattern.
FX:USOIL
by TipTVFinance
GBP/USD – Tale of two 23.6% Fibo levelsSupport – 1.4330, 1.43, 1.4236 Resistance – 1.4423, 1.4484-1.4509, 1.4551 Last week’s red candle marked another failure to hold above 1.4629 (23.6% of 1.7193-1.3836). Over the last six weeks, the pair has repeatedly run into offers above 1.4629 levels, leading to a weekly closing below the same. Similar thing was witnessed in Jan 2016 when the pair ran into offers at a high of 1.4669 and fell below the said Fibo level. On the other hand, we have 1.4330 (23.6% of 1.5930-1.3835), which has acted as a strong support in twice in May. Cable fell to a low of 1.4354 in Asia after weekend polls showed the 'leave' side picking up momentum. Another wave of GBP selling could hit the markets in Europe, taking the pair down to 1.4330-1.43 levels. Break below 1.4330, preferably on a day end closing basis would open doors for 1.4150 levels. On the other hand, a rebound from 1.4330 followed by a break above daily 50-MA at 1.4423 could see the pair challenge rising trend line hurdle around 1.4510 levels.
by TipTVFinance
Brent oil – Cypher formation and head and shoulder formationSupport - $49.89, $49.00, $48.60 Resistance - $50.27, $50.48, $50.83 Cypher pattern on Brent daily chart can be viewed here - Brent oil - Cypher pattern with Leg D in progress Hourly chart also shows head and shoulder formation is under progress with neckline support at $48.60. Brent’s break below daily low of $49.89 followed by a violation at $49.53 would strengthen the case for possible. drop to neckline support at $48.60 and also add credence to Cypher pattern. Bearish invalidation is seen only in case of a day end closing above $50.83.
FX:UKOIL
by TipTVFinance
WTI oil - head and shoulder on hourly chartOPEC meeting has ended without a deal..but the deal wasn't expected in the first place. Anyways, the hourly chart now shows US oil could be forming a head and shoulder formation with neckline support at $47.85. Its appearing at the top of the recent rally, Plus we also see Cypher Leg D in progress. Thus, sharp losses could be seen if prices dip below neckline level. Again, Bearish invalidation is seen only if prices see a day end closing above $50.18
FX:USOIL
by TipTVFinance
After reaching 50; sideways to lower. downside targetsAfter reaching 50, as expected some sideways action. sold the 52c around 1.05 around 2 weeks ago. I am neutral, because this looks like a correction of the prevailing uptrend as indicated in the dark red trendchannel. Downside support are the blue trend line at around 48.20 and the 20 day MA or middle BBand. Further on the downside we are looking at the lower trend channel between 46 and 47 For now I am covering the 52 calls and wait to sell some put spreads or puts until we reach the lower trend channel
NYMEX:CL1!
by mjhillpp
OPEC preview and Brent oil key technical levels Brent prices are retreating as expected in the European morning update. Caution ahead of OPEC meeting is a likely reason for the drop today. The even in itself is likely to be a dud. If anything is a question for OPEC as a whole and especially for Saudi whether to allow markets to rebalance themselves (as they are doing now) or accelerate the process of rebalancing via cut/freeze of some other measure. However, odds of OPEC letting markets to adjust on its own are high. Hence, there isn't a big deal likely to happen tomorrow. The only earth shattering thing that could happen is OPEC raising its daily production quota, given the prices have almost doubled from their bottom in February. However, likelihood of such a move is low. Brent oil Resistance levels $50.89 (black line) $52.43 (blue line) $53.36 (61.8% of May 2015 high-Feb 2016 low) Support $48.34 (50% of May 2015 high-Feb 2016 low) $47.50 (black rising trend line) $45.20 (Blue rising trend line)
FX:UKOIL
by TipTVFinance
Brent oil – Eyes 50% Fibo supportResistance - $49.81, $51.12, $53.35 Support - $49.11, $48.34, $47.36 Brent’s failure near rising wedge resistance yesterday followed by a negative closing led to formation of inverted bearish hammer at a time when daily RSI is turning lower from overbought territory. Consequently, technical correction could gather steam especially if prices see a break below hourly 200-MA level of 49.11, in which case support at 48.34 (50% of May 2015 high-Jan 2015 low) could be put to test. On the higher side, a day end closing $51.12 would signal continuation of the rally.
FX:UKOIL
by TipTVFinance
Brent oil – Rising Wedge formationResistance - $50.49, $51.00, $53.36 Support - $49.69, $48.36, $47.56 Brent’s sharp recovery from sub-$49 levels in last two trading days if followed by a break above $50.49 (May 26 high) would open doors for a test of rising wedge resistance at $51.00 levels. A day end closing above $51.00 would signal continuation of rally and a possible test of $53.36. On the other hand, failure to take out hurdle $51.00 followed by a break below $49.93 could signal a possible correction to $48.34 levels. Bullish invalidation is seen only if prices see a bearish break from wedge formation.
FX:UKOIL
by TipTVFinance
Brent oil - higher highs on Price..lower highs on RSIResistance - $50.00, $50.485, $50.89 Support - $48.89, $48.34, $47.57 Brent retreated from yesterday’s high of $50.485 to trade around $49.20 levels in Asia today. The inverted hammer candle seen on the daily chart has kept the “rising tops on price…falling tops on RSI” formation intact. Consequently, bulls need to observe caution and be prepared for a possible drop to $48.34 (50% of May 2015 high – Jan 2016 low). On the higher side, only a day end closing above $50.485 (yesterday’s high) would signal continuation of rally.
FX:UKOIL
by TipTVFinance
Brent oil – Above $50.00, no eye trend line resistanceResistance - $50.89, $52.55, $53.36 Support - $49.68, $49.00, $48.34 Brent oil rose to $50.00 as anticipated in the morning outlook yesterday. Prices now appear heading towards $50.89 (resistance of trend line drawn from Apr 5 low-Apr 18 low). Prospects of such a move are high, given the move above previous high of $49.81 has negated the bearish price RSI divergence on the daily chart. However, bulls should observe caution as only a day end closing above $49.81 would indicate continuation of rally. The futures currently trade around $50.10 and move below $49.81 would signal corrective rally to $49.00 levels.
FX:UKOIL
by TipTVFinance