Oil prices analysisOil is in complicated situation. During second week of the March it broke the 200 EMA support without resistance. Next weekly pivot is on 64.00. Traders might be looking for short on fundamentals to the 40.00 level. But given my expertise about Oil fundamentals this trade would not work. So i'll say any position taking in oil should wait for 64.00 level and look closer on a lower timeframes.
BRENT3! trade ideas
Brent showing two strong bearish patterns to target $67.71M formation has formed over the Rising Flag.
This confirms not one but 2 bearish patterns in the making.
There is a strong chance of the price coming down. and we have other indicators confirming.
7= 21 - crossing
Price <200
RSI<50
Target $67,71
Brent showing a further plummet to $67.89 Rising Flag has formed after the downtrend with Brent.
The price has broken below the rising flag which confirms bearishness.
200 > 21 > 7 - Bearish
RSI <50
Target $67.89
FUNDAMENTALS:
We've seen the US Dollar start to strengthen a bit which is can continue to do so for the next few weeks.
A strengthening US dollar can cause Brent crude price to drop because oil is priced in dollars. When the value of the dollar increases relative to other currencies, it makes oil more expensive for buyers using those currencies, which can result in decreased demand and lower prices. Additionally, a strong dollar can also make it more attractive for investors to sell commodities, including oil, in exchange for the higher-valued currency, putting downward pressure on prices.
BR1! - Possible to reach TP96 Bull Up condition :
1) BRENT candlestick has BO Level-2 of Raising Stage (E), next target going to be 96.55 (Level-3)
2) Tricol+ indicator - Banker's sentiment (red) above 75%, still in bullish trend
Support & Resistance:
S : 89.37 (-1.81%)
R : 96.55 (+6.08%)
Remark:
- length of AB=CD=DE=EF
DISCLAIMER:
Analysis above SOLELY for case study purpose, not a PROFESSIONAL ADVISE. This analysis does not provide any trading advise and buy or sell. Trade at your own risk. Trade only after you have acknowledged and accepted the risks involved.
Brent tanking soonBrent is in a predominant falling wedge channel.
As I have mentioned this week, channels are always stronger than breakout patterns.
So we need the price to break below or above a certain level, before the price stops meandering...
The first target is to the top of the channel at $97 then down to $88 (channel).
If the price breaks below the channel then we could see a target of $67.65
I am bearish with Brent STILL.
OIl on up On the weekly chart, there is ether a strong Falling Wedge in the making.
If the price breaks up and out of the Falling Wedge, we can expect the price to move up to $155.000
If Brent Crude forms an M formation (Double top), it's possible for Brent Crude to be bearish and on the way down. But we need the double top to form first.
What are your thoughts...
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OIL B O T T O M E D fib .618 and .382 We have dropped to a max bearish on OIL we have now pulled back to .618 and .382 near perfect and wave structure reflect the massive view of trades from major bullish view at it peak to today . one of the max BEARISH view . watch for a very sharp move up as an event in the world unfolds rapid