Brent Crude Oil: Week Ahead (Aug 10-16)
Hi traders, here's my view of Brent crude in the upcoming trading week.
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TECHNICALS:
Oil has been in a nice daily uptrend recently and entered a correction phase in the last two trading days.
The daily close is quite neutral, and the trend on the 1-hour chart shows that the correction is losing steam and retracing at the 1-hour structural framework support.
The depth of corrections on the H1 chart is increasing while the projections of the impulse moves are decreasing. The last two H1 candles are also rather bullish with high closes.
Looking at the 5-min chart, we can see a short-term uptrend forming with fresh HHs and HLs, signaling further strength at least in the short run.
However, a break below the H1 structural support could see a retest of $42.85.
RISK SENTIMENT:
Risk appetite remained mixed during the previous week and investors will continue to pay attention to economic reports and daily new virus cases to assess the health of the economic recovery.
Better-than-expected reports will likely increase demand for Brent and lead to higher prices.
UPCOMING ECONOMIC REPORTS:
EIA Crude Oil Inventories - Wednesday at 15:30 GMT. Previous report: -7.4M barrels.
== SUMMARY ==
I remain bullish on Brent unless I see a break below the daily trend violation point, which would suggest a fresh Lower Low. In the short-term, the H1 structural support could create buying pressure in the first half of the next trading week.
As usual, my traders and I won't take any positions until all entry rules are fulfilled.
Please hit the "LIKE" button if you find this post useful. Also, don't forget to follow to get more trade ideas like this. Thanks!
TECHNICALS:
Oil has been in a nice daily uptrend recently and entered a correction phase in the last two trading days.
The daily close is quite neutral, and the trend on the 1-hour chart shows that the correction is losing steam and retracing at the 1-hour structural framework support.
The depth of corrections on the H1 chart is increasing while the projections of the impulse moves are decreasing. The last two H1 candles are also rather bullish with high closes.
Looking at the 5-min chart, we can see a short-term uptrend forming with fresh HHs and HLs, signaling further strength at least in the short run.
However, a break below the H1 structural support could see a retest of $42.85.
RISK SENTIMENT:
Risk appetite remained mixed during the previous week and investors will continue to pay attention to economic reports and daily new virus cases to assess the health of the economic recovery.
Better-than-expected reports will likely increase demand for Brent and lead to higher prices.
UPCOMING ECONOMIC REPORTS:
EIA Crude Oil Inventories - Wednesday at 15:30 GMT. Previous report: -7.4M barrels.
== SUMMARY ==
I remain bullish on Brent unless I see a break below the daily trend violation point, which would suggest a fresh Lower Low. In the short-term, the H1 structural support could create buying pressure in the first half of the next trading week.
As usual, my traders and I won't take any positions until all entry rules are fulfilled.
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