Hi traders, here's Brent crude analysis for the following trading week.
Oil is still trading in a well-defined long-term uptrend on the daily chart and completed a price correction the previous week, forming a quite bullish daily close on Friday. This signals that sellers are rejecting lower prices at the moment.
The 1-hour chart shows a possible ascending (bullish) triangle forming, with the 50% Fib level still holding and presenting a major support level for oil. The 1-hour chart also shows a break above a falling trendline after oil formed a double bottom pattern on Friday's 1-hour chart.
A break above $44.80 would indicate a fresh higher high and a buy opportunity, with a profit target at the next 1-hour resistance and the upper triangle resistance. A break above the triangle (above $45.30) would target the monthly high ($45.80), followed by the triangle profit target (around $46.50).
As always, we only take confirmed trades. Please hit the LIKE button if you liked this analysis. Thanks!
Oil is still trading in a well-defined long-term uptrend on the daily chart and completed a price correction the previous week, forming a quite bullish daily close on Friday. This signals that sellers are rejecting lower prices at the moment.
The 1-hour chart shows a possible ascending (bullish) triangle forming, with the 50% Fib level still holding and presenting a major support level for oil. The 1-hour chart also shows a break above a falling trendline after oil formed a double bottom pattern on Friday's 1-hour chart.
A break above $44.80 would indicate a fresh higher high and a buy opportunity, with a profit target at the next 1-hour resistance and the upper triangle resistance. A break above the triangle (above $45.30) would target the monthly high ($45.80), followed by the triangle profit target (around $46.50).
As always, we only take confirmed trades. Please hit the LIKE button if you liked this analysis. Thanks!
