Brent crude has fallen almost $15 since its 2019 peak of $75, forming a double bottom pattern which aligns with the 61.8% Fib level of the Dec 24 - Apr 25 move.
Crude inventories came in higher than expected for the last six Wednesdays, which played an important role in the $15 fall.
However, a possible escalation of tensions in the Middle East after two tankers...
Why this is considered for Longhttps://www.tradingview.com/script/jU78tzAr-LongBuyLongSellIndicator/:
1. As per the volume the higher volumes are seen in the chart.Volumes are growing
2. As per the LongBuyLongSellIndicator ,Strength-meters(1 2 3 P D ,Up/dn, PSAR,MA Green Red Line, Red STAR, yellow Star,Green Early Entry stars) minimum of numbers of...
Media reports that "bearish EIA data" is responsible for the decline in US and and UK oil. May be but whatever
The way I see it is after that news, there was a short signal. I was already in, myself, and this just escalated my position.
I like trading both TVC:USOIL and TVC:UKOIL
Have any insights, suggestions or oil trading tips? I'd LOVE to hear them!...
In this video update, we take a look at a swing trading opportunity on Brent Crude Oil
as price breaks through a counter-trend trendline support. If price pulls back to 72.10
we can look for further shorting opportunities down to the 161.8 Fib extension.
The trump administration claim they are for low oil prices but in reality they are for higher oil. Look for a break out to HH. Demand is low so there is nothing driving the price up apart for instability in the oil producing countries. And who do you think is behind this? This time it is not about stealing oil, its about crippling
their infrastructure so the USA...
Brent Crude Seems to have entered an upper range consolidation and might Move in the same range for few weeks. Bulls have definitely lost momentum this time and might head to Accumulation considering the highly over bought nature of crude. The Non stop rally has however disappointed the Bears which will try their level best to bring crude down on any break in...
Note: this is 3rd attempt to sell. Second attempt I posted was invalidated. It did not breakout of consolidation period (red box).
Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader,...
We are basically exactly where we were at in October 2018. About the same things for US equities. But why the divergence with US equities outperforming oil? Look what happened last time stocks become too zealous in January 2018. Correction downward to a near parity in percentage gains. Either stocks are going to readjust or oil is just going to go crazy in the...
Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here.
Wait for a significant breakout of the 4hr. consolidation or daily consolidation from red border boxes to...
The Brent crude oil price reached near the $70 mark on Wednesday. The increased was due to the US sanctions against Iran and Venezuela crude oil exports and the OPEC supply cuts.
As for the near future, it is likely that the BRENT.CMD pair makes a brief retracement down towards a support level formed by the 50-hour simple moving average at 67.93.
Brent Crude Oil does not seem to have the support it needs to make the push higher up from the 4H chart. MACD 8H is making lower lows as well.
As long as the 4H 50 EMA holds strong as resistance, the move further down is active.
First TP is at Fib Extension 1 which is 64. If prices still aren't able to find support at that price, then sell further till 1.618 (62)
First sell order was opened on 01-mar-2019
I see Brent going down few next days. So lets make duplicate sell order on it.
Sell - 65.70
SL - 66.40
TP - 60.58
RRR - 1:7
Of course it has smaller TP with smaller RRR. I make close order manually.
The Brent crude oil prices have depreciated about 4.93% against the US Dollar during the last week. The pair breached the lower boundary of an ascending channel pattern at 64.63 on Tuesday.
The BRENT.CMD pair is currently trading near a resistance cluster formed by the weekly S1 and the 50-hour simple moving average at 66.58.
If the commodity passes the...