Brent Crude Oil. Full technical and Wave analysis
There are a lot of intraday signals for good setup. But consider the situation at the moment. One of them is now presented on the chart and is ready for implementation
Brentlong
Brent Crude Oil approaching support, potential for a bounce!BCOUSD is approaching strong support at 63.54 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a nice bounce could potentially occur at this level to push price up to major resistance at 66.35 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 2.1% where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Brent Crude Oil testing major resistance, potential for a drop!
Brent Crude Oil (BCOUSD) is tesing major resistance at 66.64 (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push price back down to 64.31 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 98% where a corresponding reaction could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Brent Crude Oil starting to break major support,watch for drop!Brent crude oil is testing major support at 68.50 (Fibonacci retracement, horizontal overlap support) and a break of this level could potentially drive price all the way down to 65.96 (Fibonacci retracement, horizontal overlap support). It is important to keep an eye out on our long term ascending support line too which could serve as potential intermediate support.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Brent 4H long and shortBrent 4H long and short
Resistance:53,57 - 54.68
Support: 51.14 -49,97
This is not investment advice
Brent UKOIL - testing significant 53.00 resistanceOn the Brent oil chart you can now expect a test of significant resistance at 53.00. This level has previously been equivalent to the 50.00 level with the WTI. A successful breakout of 53.00 will allow growth to further resistance: 54.00, 57.50.
Oil trying to be optimisticFormed an inverse H&S at the 4-Hour chart. Possibly have already 'retested' it.
Inverse head and shoulder patternInverse head and shoulder pettern that broke out in november last year. After it broke out it retested the breakout line and managed to hold it.
Long: above 58,25
S/L: 53,50
TP1: 69,5
TP2: 88
Timeframe 4-5 months
long UKOIL @ 1h @ trading capability for this 2nd week `17This is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
Best regards :)
Aaron
Brent Crude : Long : Targets - 67Two things have happened :-
1. Cut in oil production ( even if only for short term )
2. Fed Hike - Bullish Dollar
From the lows of 28 to currently at 55 -- Crude has still enough strength left to go higher towards 67 - 70 by April 2017.
Crude now in Wave c after breaking the upper resistance of 52 -- lets wait for it to come down to 50 to average for targets of 67....
Potential Upside in Brent Crude Oil (Cont'd)Continuation from previous post, and adopting @pipizer feedback in the comments:
1. The past few days has saw a drop in the price mainly due to reports on OPEC output in October reached an all-time high. This lead to a further decrease which finally complete the Cypher Pattern.
2. A reversal candle (hammer) was formed the following day (14 Nov) with a long tail signalling bulls overcoming the bears at EOD. Mainly driven by renewed hopes of OPEC output deal.
3. Breakout of previous day hammer lead an opportunity to long and my entry was around the area stated, with a Stop Loss placed around the support region indicated.
4. I have identified 3 potential resistance zone and they fall nicely into the fib retracement 0.236, 0.382 and 0.618 area.
5. The first resistance zone break will cause more conservative traders to go on a long due to a 2nd breakout and short position traders will start covering their shorts which becomes the driving force to push further up.
6. Still, upcoming OPEC deal will be the crucial driving force for it to either trumps or fall. It will still be volatile during this period.
7. My exit strategy will be on a trailing stop in this case.
Potential Upside in Brent Crude OilMy first trading idea, here to learn from the experts, please give feedback on this idea.
Several Signals I have identified:
1. Cypher Pattern has confirmed potential reversal zone
2. A support level at 45.48 area is forming
3. Still in an long term upward trend
4. Catalyst moving it up would rely on upcoming OPEC deal on production cut
What to do now?
Wait for a reversal candle to affirm confirmation of entry. Trade on breakout of resistance 47 area.
BCOUSD BRENT OIL OUTLOOKPrice always jumps up at $46 level like last month so same will probably happen again the TL keeps on being tested so this downtrend may be seeing resistance, Both EMA's are well below price at the moment.
USDWTICrude is in a critical junction. It will take some time for oil to develop a good support line before it can go up. Think it is a very good time ti buy and hold it for several months to gain some good profit. Once it comes out from the triangle pattern and the RED COTTED lines and BLUE SOLID line RESISTANCEs it will be a gold for BULL Chasers.
