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TOPIC: Brent

Brent 24 Oct 2015 11:40 #1

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Supports broken and back to 47.50 support. Bounce or break? Need to watch strength of the dollar which is driving recent move


BrentCrudeOilFull1215Future23.10.15.png


F4T
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Brent 18 Oct 2015 13:04 #2

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Testing rising support. MA20 & 50 holding this currently. Should these break we should see 47.50 fairly rapidly.
Resistance 54.40, 55.64 and the MA200 at 59.36 which I don't expect to be penetrated in the next 6 months.
I expect this to be range-bound 45 and 55 for the foreseeable future with a possible spike to 59 which should be sold into.





BrentCrudeOilFull1215Future.png






WTI looks a little stronger in that we had a higher high recently



CrudeOilFull1115Future.png



F4T
Last Edit: 18 Oct 2015 13:10 by Food4Thought.
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Brent 15 Oct 2015 07:53 #3

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Aye a double top. Looks pretty bearish short term then.
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Brent 14 Oct 2015 18:43 #4

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A double top it is then eh ?

:)

www.dailyfx.com/crude-oil

:ohmy: :P ;)
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Brent 08 Oct 2015 20:28 #5

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could it be a double top formation?

www.dailyfx.com/crude-oil
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Brent 06 Oct 2015 09:49 #6

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BrentCrudeOilFull1115Future05.10.15.png


Upside breakout from descending triangle / pennant stalled at trendline resistance yesterday.

This remains in 47.50 - 50 holding range but looks like it wants to break out to the upside.

Resistance 49.50
Support 47.50 & 43.70

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Brent 06 Sep 2015 11:45 #7

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I am not convinced that this will get to 37 but that level still looms within vision


BrentCrudeOilFull1015FutureMonthly06.09.15.png


Trendline and 50SMA are forming strong resistance on the daily. If this is broken it is unlikely that the 200SMA will fall any time soon.

Trendline support in the 42 area, so agree with market consensus that this is range bound 40 - 60 for the foreseeable future.


BrentCrudeOilFull1015FutureDaily06.09.15.png



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Brent 24 Aug 2015 08:12 #8

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37.11 last support


BrentCrudeOilFull1015Future24.08.png
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Brent 18 Aug 2015 07:44 #9

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More divergence. At resistance. Falling wedge (or knife!).

BrentCrudeOilFull1015Future18.08.png



CrudeOilFull0915Future18.08.png
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Brent 08 Aug 2015 18:13 #10

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Positive RSI divergences seem rare in this chart, but we have one. It will be interesting to see how it plays out.

Did anyone go short on the break?

BrentCrudeOilFull0915Future07.08.png


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Last Edit: 08 Aug 2015 18:14 by Food4Thought.
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Brent 29 Jul 2015 12:59 #11

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The guy might be right TF but there are also plenty of bullish commentators out there that will suddenly appear shouting should the market fit their contrarian box.

My view is that OPEC will take a lot of pain but not to their own long term detriment. There are plenty of OPEC members (some middle eastern) that struggle at $50, let alone $30. BUT it is way too early for them to cut production. We have IMO another 6 months steady production before any changes. Then a review of the status of shale producers before making any move. The cheapest / most efficient will survive and the rest will fail or be added to the portfolio of the majors who will diversify a bit.

The time will come where producing (as an extreme example) half the volume for the same cash revenue will be very attractive.

If I am right I will contact CNBC or FOX and see if they give me my 15 mins :)

It should also be noted that the yanks harp on about WTI, not Brent so $30 WTI could equate to as much as $37/38 Brent or something closer.
Last Edit: 29 Jul 2015 13:04 by Food4Thought.
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Brent 29 Jul 2015 09:19 #12

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Going to be a bloomin good long term buy opportunity for Oil and Gold stocks in due course. Keep the powder dry!
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Brent 28 Jul 2015 15:14 #13

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$30 bottom on oil. According to Oscar...
He predicted this when oil was above $100!

More pain for oil stocks yet imho... :ohmy: :pinch:
Last Edit: 28 Jul 2015 15:15 by Trendfriend.
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Brent 28 Jul 2015 13:01 #14

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At trendline support now, so decision time. RSI has some way to go to support.

If support breaks a short is in play. If we get a hammer or doji today it might indicate a potential bottom. I wouldn't like to call this one.

BrentCrudeOilFull0915Future28.07.png
Last Edit: 28 Jul 2015 13:12 by Food4Thought.
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Brent 13 Jul 2015 15:29 #15

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.
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Brent 06 Jul 2015 12:13 #16

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BrentCrudeOilFull0815Future06_07.png

Break gaining momentum. IMO next stop 55 with good support at 53
Last Edit: 06 Jul 2015 12:14 by Food4Thought.
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Brent 21 Jun 2015 11:31 #17

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Trendline break on Friday....


BrentCrudeOilFull0815Future.png



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Brent 06 Jun 2015 08:03 #18

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Nice tag on the support line Friday on good volume with OPEC meeting. IF a higher low is set at 61 this should cement 61-65 as good support. A break above 65 should see 70 in the coming days / weeks IMO.


BrentCrudeOilFull0715Future2.png


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Brent 31 May 2015 08:36 #19

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We hit 61 support last week but a little early for me. I want to see the lower trendline touched before attacking 70 resistance.

The harami/hammer drove the rise Friday after a quick drop from 65. Stalled at MA20.
US$ strengthening was the reason for the initial fall. Should this continue we might see my wider scenario play out and allow a nice run higher and potentially an upper channel break.

F4T



BrentCrudeOilFull0715_1Future.png
Last Edit: 31 May 2015 08:45 by Food4Thought.
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Brent 23 May 2015 09:00 #20

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Rolling over now with RSI breakdown and more pronounced divergence. IMO 61 still looks a good bet before attacking the recent high. A break of 70 is key here but might prove tough.

Attachment BrentCrudeOilFull0715Future.png not found



GL
F4T
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Brent 13 May 2015 07:45 #21

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Yep, a good bounce as well to the next resistance. I still see last week as a short term high.

Let's see what happens.
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Brent 12 May 2015 23:28 #22

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looks like support held today?

www.dailyfx.com/crude-oil
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Brent 12 May 2015 08:00 #23

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SMA and horizontal support is about to fall IMO. Nice RSI divergence and looks like 2 RSI supports might also fall.


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Last Edit: 12 May 2015 08:06 by Food4Thought.
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Brent 08 May 2015 08:43 #24

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BrentCrudeOilFull0615Future_1.png






Crude looks to have peaked short term. Shooting star breaking down a short term wedge.
64/64.50 is a key area on my chart. A break should give 61 a chance.



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Last Edit: 08 May 2015 08:56 by Food4Thought.
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