From my blog:
OIl 5min bearish divergence
A volatile instrument for a divergence play on the 5 min WTI chart, but there's certainly bearish divergence there at the moment.
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Disliked{image} From my blog: $36 in sight for Brent The daily chart in Brent gives an indication of possible further falls to come. As highlighted, the daily candle broke the lower Bollinger band with a very decisive bearish candle. BB breaks can be a great area to time a reversal, but for this a reversal candle or pattern is needed. With a break as convicted as this, further falls often follow. It wouldn't surprise me to see some retrace first, but 36 remains my initial target.Ignored
Disliked{image} From my blog: $36 in sight for Brent The daily chart in Brent gives an indication of possible further falls to come. As highlighted, the daily candle broke the lower Bollinger band with a very decisive bearish candle. BB breaks can be a great area to time a reversal, but for this a reversal candle or pattern is needed. With a break as convicted as this, further falls often follow. It wouldn't surprise me to see some retrace first, but 36 remains my initial target.Ignored
Disliked{image} From my blog: Oil inventories fall, previous support becomes resistance? Oil ripped up the page on a surprise fall in US crude stocks this afternoon with an intra day high of 37.80 on WTI. But will this level hold as a high? The 4 hour wti chart shows that this area was previous support , marked in yellow, which can often then become resistance. There's also hidden bearish divergence too, as shown. This could well be an area to short again.Ignored
Disliked{image} From my blog: Goldman Sachs contradict Russia on it's oil production Russia has stated this week that it looks forward to a successful outcome to next weekend oil producers meeting in Doha. Russian energy minister Alexander Novak has stated that although exports may rise this year over last, overall production would not go higher than January's average of 10.91 million barrels per day and that a freeze could be anticipated at those levels. However Goldman Sachs research note on Thursday estimates that daily production will rise to 11.2 million...Ignored