I was asked to add Brent Oil to the daily forecast so I will add it for a few days initially and lets see how it goes.
Mail me to livecurrencytraining@telkomsa.net and let me know if you would like this to remain, if the response sufficient I will add it. Or mail me any other comments you might have.
BRENT OIL 1H CHART
Price fell and took out support at 108 (16/8), thereby doing a reversal on the 1h chart. It then rallied to the 618 and fell back to the B low, failure at the low tells us that price is heading deeper into the AB swing.
The double dip on the 1h chart yesterday tells us that price is probably heading for 110.26, if we don’t get a U turn there, then next level is the A high at 111.69, then longer term onto the bigger 786 at 115.40.
SHORT: Will be going short only IF:
We get to the 618 and get another bearish cs formation telling us that the 618 is holding, limit out at 107.00
LONG: Will be going long today only IF:
We get a dip and then a bullish cs formation. Trade it to the initial target at 110.26.
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