Oil: bulls are preparing for the attack

Oil: bulls are preparing for the attack

2019-11-11 • Updated

Recommendation: BUY 51.5 SL 50.5 TP1 52.8 TP2 53.9.  

On the daily chart of Brent futures, "bulls" failed to overcome resistance at $54.42 per barrel. As a result, we got a rollback and formation of the short-term downward trading channel. There is a room for a decline towards $48 (the intersection of two trading channels + 61.8% of the last long-term "bullish" wave). At the same time, the odds for rebound from the $50-51.5 convergence area are quite high.

On the hourly chart of Brent oil futures, the quotes reached the support area of $50.66-51.08. At the beginning of the second decade of May, here was an accumulation of speculative longs and formation of 113% target of the "Shark" pattern. This allows bulls to recoup their losses.

Similar

New UK Prime Minister is to Freeze Gas Bills
New UK Prime Minister is to Freeze Gas Bills

After the resignation of Boris Johnson in July 2021, the conservative party was preparing for an election. With 57.4% of the vote, Liz Truss will be the new UK Prime Minister (PM) for the next two years. She is about to change a lot, and we are about to tell you everything you need to know.

Latest news

TRADE IDEA: Technical Breakdown of Top Cryptos
TRADE IDEA: Technical Breakdown of Top Cryptos

Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.

CBDC: Technology of the Future or Dystopia?
CBDC: Technology of the Future or Dystopia?

Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of ​​creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.

TRADE IDEA: What's Next for Yen Crosses?
TRADE IDEA: What's Next for Yen Crosses?

The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera