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Trading Lessons

Brent Crude Oil Price Looks to be Heading Higher From Here

Commodities / Crude Oil Apr 07, 2015 - 03:05 PM GMT

By: MarketsToday

Commodities

Brent Crude looks to have started a second leg up off the January bottom of 45.22, indicating Brent has a good chance of heading higher from here. A decisive drop below the most recent swing low at 52.61 changes the bullish scenario shown in the below daily chart.


Weekly Chart

• Most recent 45.22 January low completed a 61% decline from the 115.68 June 2014 peak (over seven months), and a 64.8% drop from the 2012 peak of 128.37.

• Just prior to the low Brent completed a 88.6% Fibonacci retracement -  at 47.07, of the three-year 250.6% rally that peaked at 128.37 in February 2012.

• RSI on a weekly basis was extremely oversold at the January bottom – the most in at least 10 years

Bullish signs:

• January low was followed by 39.3% rally
• Subsequent retracement hit a low of 52.61, almost reaching the 61.8% retracement at 52, and bouncing 
• Next target for Brent is 70.36, the 100% completion of an AB:CD move off the January bottom
• Higher price levels to watch are:
                  o 72.13 : 38.2% retracement of prior seven-month decline
                  o 75.15 : CD leg = 127.2% Fib extension of AB leg
                  o 80.45 : 50% retracement
                  o 81.33 : CD leg = 161.8% Fib extension of AB leg

By Bruce Powers, CMT

About MarketsToday.net: MarketsToday.net® is an online financial portal covering the Middle East stock markets, plus spot Forex, oil, and precious metals, published in both Arabic and English. It is designed to help keep investors and traders up-to-date with the latest news, quotes, performance trends, and market developments in the Middle East stock markets.

Copyright 2015 © MarketsToday - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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