Daily price broke Ichimoku cloud together with 'reversal' Senkou Span line to below for the bearish reversal. The price is testing 45.15 support level on open daily bar for the bearish breakdown to be continuing with 55-day low at 43.30 level as a nearest daily bearish target to re-enter.
SUMMARY : bearish breakdown
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Sergey Golubev, 2016.07.25 17:50
Opinion: Oil prices slide on oversupply (based on the article)
Morgan Stanley: "The potential for larger-than-normal stock builds is growing. With the market increasingly trading on DOE (U.S. Department of Energy) stats, this could be a catalyst for additional downside. As a result, crude oil demand from refineries is underperforming product demand by a wide margin."
Barclays:"Global oil demand in the third quarter of 2016
was expanding at less than a third of the year-earlier rate, weighed
down by anaemic economic growth. Demand support from developed economies had faded, while growth from China and India had slowed."
Energy Aspects:"The oil market was beginning to show small signs of "normalcy" in supply-and-demand balances. Crude markets are slowly tightening and are now more resilient in the face of falling refinery demand for crude. We do not mean that the rebalancing is over, or
even close to being over, but nevertheless, we are now in a new market
paradigm where the steps towards normalcy begin."
Indicators: USDx dollar index
Sergey Golubev, 2013.11.06 15:02
U.S. Commercial Crude Oil Inventories
news event: bullish ranging above bearish reversal
2016-07-27 14:30 GMT | [USD - Crude Oil Inventories]
[USD - Crude Oil Inventories] = Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased by 1.7 million barrels from the previous
Crude Oil Daily: correction to the bearish reversal.
The price broke 100 period SMA to below for the secondary ranging condition within the primary bearish trend. The price is breakdown for the ready to break 200-day SMA value at 42.46 to below for the reversal of the price movement to the primary bearish market condition.
If the price breaks 50.0% Fibo resistance level at 48.34 to above on close daily bar so the primary bullish trend will be continuing.if the price breaks 42.46
support level on close daily bar so the reversal of the price movement to the primary bearish market condition will be started.If not so the price will be on ranging within the levels.
Sergey Golubev, 2016.07.29 09:01
Brent Crude Oil Technical Analysis - daily bearish with 42.54 key support (adapted from the article)
Daily price is on bearish market condition located below
Ichimoku cloud: price is testing 42.54 support level to below for the
bearish trend to be continuing. Alternative, if the price breaks 45.15
resistance level to above so the local uptrend as the bear market rally
will be started, otherwise - ranging bearish.
Descending triangle pattern was formed by the price to be crossed to below for the bearish trend to be continuing.