Hey hey TradingView community!!! Hope you guys are doing amazing and having an amazing weekend! Just wanted to come make a post on a counter-trend trade I potentially see here on Brent Crude Oil. So put your seat belts on and let's dive in!!
OK so first thing first. Oil has recently seen a huge run in price from 63-80 a barrel so obviously a dramatic increase in price & USUALLY when we see these very strong decisive moves in an asset there is usually a corrective period in prices because that is how supply & demand and how markets works :) OK so let's now go to the technical reasoning!
1. Weekly price overextended/ RSI overbought
2. Daily momentum of buyers slowing down/ Bearish Divergence forming
3. Sitting around a weekly fib level
4. Hourly's lining up with this bias also mainly momentum
Very simple setup and potential here! May have to wait for that buyer to die out/ slow down a little more but keep eyes out for this move. Obviously trading against the trend is a little more "risky" but stay patient and let's see how it plays out!
Cheers!
OK so first thing first. Oil has recently seen a huge run in price from 63-80 a barrel so obviously a dramatic increase in price & USUALLY when we see these very strong decisive moves in an asset there is usually a corrective period in prices because that is how supply & demand and how markets works :) OK so let's now go to the technical reasoning!
1. Weekly price overextended/ RSI overbought
2. Daily momentum of buyers slowing down/ Bearish Divergence forming
3. Sitting around a weekly fib level
4. Hourly's lining up with this bias also mainly momentum
Very simple setup and potential here! May have to wait for that buyer to die out/ slow down a little more but keep eyes out for this move. Obviously trading against the trend is a little more "risky" but stay patient and let's see how it plays out!
Cheers!
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