BRENT is due for a dip
Brent Oil has touched the 200 Weeks MA from below. In the past, when this happened it always tanked a few dollars. And it is a rare occurrence.
63.2$ is also a strong weekly resistance, which has not been definitely surpassed yet.
I expect a dip starting next week or in the next three weeks. It could overshoot a little first, to take out the stops which are expected right above this strong weekly resistance.
I will short Brent, if I see a weekly reversal candle.
I only trade Brent oil, because my broker offers better liquidity for brent, than for WTI crude oil. But the charts tend to move in sync most of the time.
I did not review WTI, but the scenario should be the same, especially because this is a weekly chart.
If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions.
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Your post was a better. I voted and reseemed at your post.
Great post sir, thank you for your information.
Great post sir, thank you for your information.
when this happened it always tanked a few dollars. And it is a rare occurrence. @ew-and-patterns Great content
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