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Pullback to the 38,2 fibo-retracement?
The downmove is still going on. The Rebound of the last 2 tradingsessions are imo just a tiny dead cat bounce on ist way down to 45$. The broken neckline is based near ist actual 38,2 fibo of the downmove 58,87 - 49,21. i hold on on my bearish view:
We have reached the pivot support level!
Today we have reached the Pivot Support Level (former Low) A Rebound from this Level could possibly form a shs.
-All Prices traded below this Level (52,3$) are generating short signals in the Long- and midtermview.
-A Crash through this Level will active the TP @ 45.00$!
- Trading above this Level can be interpreted as a midterm-double bottom with target @ possible right shoulder
-If the Price Drops to the big "2" opens the possibility of a longterm double bottom. This is my favourite longterm view.
Several ways to reach the TP1 @ 45$
former analysis is still valid! Moreover - there is the possibility to form a bearish shs !
BRENT WITH BIG SHORTSIGNAL
Brent update Brent could not beat ist longterm downtrend!
After Iran testified, that it will perhaps double its production, brent only made one direction: downwards!With prices below the last valid "2" @ 62,5$ brent leaves his middleterm uptrend (green) behind and reentries
in its longterm downtrend.
As Long Brent is trading below 63,5$, the risk continuing to drop increases massively:
The logically inferable target of the longterm downtrend is
a.) 52,3$
b.) 45$
If Brent could sustainable snatch back the Level @ 63,5$ , the technical Situation relaxes
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
Brent - Can Brent beat its longterm-downtrend?
After the massive sell-off from 116$ t o 45$ Brent could recover at $72 to almost the 0.38 Fibo-Retracement. (Red 123er-counting)
The recovery formed a short-medium term uptrend (green channel) (orange 123er counting)
-At the Moment Brent is near the bottom of the mentioned upward channel and is retesting the former breakout level @ $ 64. This level should be supportive.
-If the trend lower edge will be bought again the first technical shortterm target is the last high and the EMA 200 @ 70$. Should this resistance fall, it can be assumed that the price will move in the direction of the trends top edge @ 80$. (orange "2?") That level coincides with the Middle-Fibo target the entire downward movement. (50% correction)
-Will Brent break through its support @ 61-64$ is attributed with a test of the recent lows around $ 52,5.
- Will this Support also break, it needs to be reckoned with a test of the lows at 45$
-Under $ 45 is likely to win the downward movement momentum and lead to massive and rapid course fees. The red count would then be applied again.
In the long-term picture, the recovery appears to be a kind of downward flag, which is triggered by falling below the $ 45 mark 52 respectively.
We have reached the pivot support level!
Today we have reached the Pivot Support Level (former Low) A Rebound from this Level could possibly form a shs.
-All Prices traded below this Level (52,3$) are generating short signals in the Long- and midtermview.
-A Crash through this Level will active the TP @ 45.00$!
- Trading above this Level can be interpreted as a midterm-double bottom with target @ possible right shoulder
-If the Price Drops to the big "2" opens the possibility of a longterm double bottom. This is my favourite longterm view.
Several ways to reach the TP1 @ 45$
BRENT WITH BIG SHORTSIGNAL
Brent update Brent could not beat ist longterm downtrend!
After Iran testified, that it will perhaps double its production, brent only made one direction: downwards!With prices below the last valid "2" @ 62,5$ brent leaves his middleterm uptrend (green) behind and reentries
in its longterm downtrend.
As Long Brent is trading below 63,5$, the risk continuing to drop increases massively:
The logically inferable target of the longterm downtrend is
a.) 52,3$
b.) 45$
If Brent could sustainable snatch back the Level @ 63,5$ , the technical Situation relaxes
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
Brent - Can Brent beat its longterm-downtrend?
After the massive sell-off from 116$ t o 45$ Brent could recover at $72 to almost the 0.38 Fibo-Retracement. (Red 123er-counting)
The recovery formed a short-medium term uptrend (green channel) (orange 123er counting)
-At the Moment Brent is near the bottom of the mentioned upward channel and is retesting the former breakout level @ $ 64. This level should be supportive.
-If the trend lower edge will be bought again the first technical shortterm target is the last high and the EMA 200 @ 70$. Should this resistance fall, it can be assumed that the price will move in the direction of the trends top edge @ 80$. (orange "2?") That level coincides with the Middle-Fibo target the entire downward movement. (50% correction)
-Will Brent break through its support @ 61-64$ is attributed with a test of the recent lows around $ 52,5.
- Will this Support also break, it needs to be reckoned with a test of the lows at 45$
-Under $ 45 is likely to win the downward movement momentum and lead to massive and rapid course fees. The red count would then be applied again.
In the long-term picture, the recovery appears to be a kind of downward flag, which is triggered by falling below the $ 45 mark 52 respectively.
Feragatname
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