CFDs on Crude Oil (Brent) UKOIL
Technical Analysis Summary
The price manage to hold the 20MA (week) past week and stabilised at 66.50$. The daily studies RSI is indicating a lower high whereas the oscillator has been remaining bearish. The price is locked between 66.50-68.75$ levels, whereas a move above the range could elevate further to 69.50$ and 70.50$ with supports 67.40$ and 66.50$ levels. Range: 66.50$-70.50$. .
I am looking to follow the trend in this case. Or ultimately trade the breakout.
We are still in a pullback area in the SPX , and we are very close to lows . That prompted me to investigate what are people doing , are people long or bearish the SPX. With further investigation, This ratio shows that a sector rotation out of Staples into energy is not underway , far from it. I hence think that the lows in the SPX are going to hold.
Please Click the Chart at below you will see my ideas day by day https://www.tradingview.com/chart/UKOIL/mlenXskt-UKOIL-Daily/ We were wait for Bat Formation at 45.20 https://www.tradingview.com/chart/UKOIL/JHxknbJI-UkOil-Ascending-Triangle/ Bat Formation worked good and it reached TP1 at TP1 it made Ascending .
The price bounces from 71.00 resistance level and it gives an interesting sell opportunity. RSI confirms price reversal. MACD histogram supports the downward movement. DMI is bullish but ADX line falls and it tells us that the bulls are not so strong now. Weekly chart also gives bearish signals. Pending orders for sell can be placed at 68.00 level with stop orders .
Short ON OIL WAS SUCCESSFUL GUYS! TP'S WERE HIT AND WE COULD GO EVEN LOWER GUYS! HOLD ON TO THIS TRADE AS I BELIEVE THAT WE'RE HEADED TOWARDS THE 63.00/62.00 LEVEL. DON'T HESITATE TO MESSAGE ME IF YOU MADE MONEY ON THIS TRADE! VERY HAPPY TO INTERACT WITH YOU GUYS CONGRATS, DON'T FORGET TO HOLD ONTO YOUR TRADE WE'RE HEADED EVEN LOWER! NEW TP: 63.00/62.00