Brent Crude Oil. $100 is not a miracleTabloids and analysts call for $100 amid Iran fallout of supply chain.
This simple chart confirms this fear as the contact area within a possible large triangle
sits right between 95 and 98 levels.
CB1!
Brent Crude (UKOIL). Buy on breakup for the last wave up.This is the Blitz setup as the current consolidation structure hints at the following breakout to the upside.
It looks like we have finished the 4th wave.
The next is the last 5th wave to hit the Fibonacci area highlighted with the orange box.
The target is set between the 79.64 and 84.06.
OPEC+ will meet this Friday and the last wave up coincides with the market nervousness.
Brent Crude Oil. Head & Shoulders. Target 52.30There is a chance that we have a Head And Shoulders Pattern shaping on the chart of Brent Crude Oil.
Breakdown of the Neckline needed to succeed to the target at 52.30. (The height of the Head subtracted from the Neckline).
This idea accords with my ealrier 4-hour chart idea of the downside in the Brent (see related)
Brent Crude Oil. All the way down?It looks like oil has topped recently and now is heading south to hit the previous major low in the sub-30 area.
Wait the breakdown of the corrective structure for confirmation.
Bearish divergence could play out soon.
Brent Crude Oil. Updated Daily ChartThe previous chart was invalidated as wave 3 has completed and we are now in a wave 4.
It could be over as price approaches the channel's downside but is yet to reverse.
The target for wave 5 is located within the blue blox between 74 and 80.
Brent Crude : Long -- Target -- 55 - 58 !!From the start of 2017, Dollar and Crude both are in sync !!
Well the final crude rally is somewhat now restricted to upper base of $ 58 ..
Our thought was it might reach $ 70 but the way this final Wave C is moving it might just make a double top around $ 58.
Longer Term View : Brent Crude to go below last low of $ 30's maybe somewhat around $ 20 !!
Shorter Term View : Possible Upside to $ 55 - 58 in coming next 2 months max.
SPX500 : As goes Crude there goes SPX500 -- The bull rally is expected to continue by the year end and then it might follow Crude by Q1 of 2018 !!
Brent Crude. Could hit 73-74.Oil finished its correction and is heading to the upside of the channel.
Could hit into 73-74 area.
Brent Crude (UKOIL, CB1!, USDBRO) UPDATED MAIN COUNTIt's not OPEC, it's just wave C technical analysts could argue )))
We can reach at least the former peak at 69.59 where the C almost equal to A.
Amazing power of digits and their ratios.
UKOIL. Alternative count. Ending diagonal CWith the recent strong upmove it is quite possible that the wave (C) is already underway.
Ending diagonal 5 waves is shown in the chart.
The (C) could hit 0.618-0.786 of (A)
Brent Crude (UKOIL). Main CountThis is the prevailing count.
If price would fail at the channel resistance the count would be valid.
Minimum target is at the wave W low at 41.54.
Next are the 1.272-1.414 mutipliers at 40.86-39.25
Brent Crude : Long for 70 After touching a low of 42 in the start of this month crude has bounced back !!
This is the final C wave of wave 4 which most probably might continue till november !!
Expecting Brent Crude to touch 70 in coming 2 months !!
Anybody who got early around 42 recent low can add more at every dip !!
Brent Crude : It's Time to book profits & WaitCrude is now trading between its 50% & 68.2% fib retracement level.
Also brent has now reached a resistance -- parallel channel on weekly
Looks Like a abc correction - of which wave b is about to start !!
Since June month is lined with surprises : FED Meet, Brexit ....
Best to sit out rather than go long or short -- too much volatility will come into play !!
Biased Views : - FED Goes with The Hike
And No Brexit
Brent Crude Oil.. have we topped?While most folks are calling this the top we could be due one more leg higher.
As part of the wedge set up last Friday we ran up and bounced between 1.618 and 2.618 levels. Interested to see how price reacts around 0.5. We could see a rally at least back up to the broken trend line or beyond.
If we break below 47.20 I'm joining the bear camp.
Brent Crude Oil May'16After eroding the longer term bearish trend line (red) back in March, we've since set up a channel set up.
Eyes on price action around 42.20 to see if the supportive channel holds.
Brent Crude : Time For Bulls To Take RestShort Brent Crude :
1. RSI & MACD Divergence
2. At 200 DMA - 44.50
Short now with Stop loss 46.20 for targets of 35 in coming 5-6 weeks !!
Brent oil udergoes trend transition termWe are now in the trend transition term. The bull is still strong, but bear is growing. The MACD goes bearish cross but price is still above SMA(12). I am still waiting confirmation for going bearish.
Target 1: 63.8
If 63 breaks,
Target 2: 60.29
