BRENT CRUDE OIL: waiting for growth to the level of 52.00

By | August 7, 2015

Recently, Brent crude oil dropped more on emotion than on objective factors as a slowdown of the Chinese economy has, in fact, long ago incorporated into prices. Also, do not forget that according to the latest commercial stocks in the United States declined. Today will be published data from Baker Hughes on the number of operating drilling rigs. It is possible that a new round of decline in oil prices will force oil producers to resume the decline in drilling. Against this background, oil could experience the optimism.

Attempts to develop the oil upward correction were kept level 50.44, which at this stage formed intermediate resistance. Provided that this level will be passed, and the presence of additional catalysts can accelerate growth. But as long as prices are unlikely to be able to pass a strong resistance around 52.00 dollars per barrel.

brent crude oil chart
Brent crude oil chart

 Trading analytics

Brent crude oil (BRN) – buy crude oil – Entry price: 1098,02. Goal: 1082,37. Stop loss: 1108,32.

Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and does not guarantee a result.

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One thought on “BRENT CRUDE OIL: waiting for growth to the level of 52.00

  1. Milton

    Hi Eric,My approach to using EWP is to go as far back as in nercassey only. This may not be a purist’ approach, but honestly, I would be more than happy to settle for a small profit than be proved a genius in wave counting! With that in mind, I will say that the 147-33 drop corrected a five wave rally from the April 1986 low of 9.75 to the July 2008 high of 147.27. From the 32.40 low of Dec 2008, we have finished another 5 wave rally near 115, and the correction from there should ideally go back to at least $71. This has been my theme so far. We have already been to 75.70, close enough, but I am not giving up the sell-on-rally approach yet. At some point, I will change my mind, but until then, there will be low risk selling opportunities in Oil. If you like this response, please tell your friends in the trading community. Best wishes.

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