Oil(
USDBRO) rose more than +20% after the start of tensions between Iran and Israel on Friday. I hope this tension ends as soon as possible because tensions have no winners.
The behavior and price movements of oil will certainly depend on the increase or decrease of tensions in the Middle East, but for the coming hours we can have a technical view.
Oil is currently moving in the Resistance zone($78.70-$74.70) and near the Resistance lines and the Yearly Pivot Point.
In terms of Elliott Wave theory, it seems that Oil has completed the second five-impulse waves. So that wave 5 is Truncated.
I expect Oil to decline in the coming hours, this decline could be -7%.
Note: If the USA is added to the Middle East tensions, Oil prices could rise again, so pay more attention to capital management.
Note: Stop Loss: $79.00
Please respect each other's ideas and express them politely if you agree or disagree.
U.S. Dollar/ BRENT CRUDE OIL (USDBRO), 4-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
USDBRO) rose more than +20% after the start of tensions between Iran and Israel on Friday. I hope this tension ends as soon as possible because tensions have no winners.The behavior and price movements of oil will certainly depend on the increase or decrease of tensions in the Middle East, but for the coming hours we can have a technical view.
Oil is currently moving in the Resistance zone($78.70-$74.70) and near the Resistance lines and the Yearly Pivot Point.
In terms of Elliott Wave theory, it seems that Oil has completed the second five-impulse waves. So that wave 5 is Truncated.
I expect Oil to decline in the coming hours, this decline could be -7%.
Note: If the USA is added to the Middle East tensions, Oil prices could rise again, so pay more attention to capital management.
Note: Stop Loss: $79.00
Please respect each other's ideas and express them politely if you agree or disagree.
U.S. Dollar/ BRENT CRUDE OIL (USDBRO), 4-hour time frame.
Be sure to follow the updated ideas.
Do not forget to put a Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like'✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Trade active
Position was activatedNote
Still aliveTrade closed: target reached
I held the Short position and declared "Still Alive" 4 days ago
After the news of the ceasefire between Iran and Israel, oil showed the expected downward reaction.
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🎁Welcome than a 50% bonus(Low Spread)👉vtm.pro/Y3AV7r
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
🎁Get a 20% Discount on your trading FEE on BYBIT:👉partner.bybit.com/b/PEJMANZWIN
🎁Get a 20% Bonus & 30% Discount on LBANK exchange(NO KYC)👉lbank.one/join/uBythQd
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.