"Trend Potential" weekly report
Monthly chart: Growth “at bay” is going on. The upper Bollinger band is based at 2180.1, which is by today the maximum possible goal of the upward movement before reversal.
Weekly chart: Resistance is even better expressed at 2123.9 (the upper Bollinger band. Support is based at 2009.4 (the bottom Bollinger band).
Day chart: One more point of resistance - 2114.2 as ADX is passive. It allows to sell from 2114.2-2123.9 to target 2039.5
Expectations: So, we are waiting when 2114.2-2123.9 is touched and a further decline to 2039.5 .
1) We hold Buy opened to 2114.2-2123.9 2) We sell from 2114.2-2123.9 to target 2039.5
Monthly chart: As we told before, now oil needs a full upward swing to drop further. Now we are witnessing the attempts to draft this swing in full (for that, price must get just a little above March High). A middle-term target of decline is now based at 44.74
Weekly chart: The price has almost hit key resistance - the middle Bollinger band (61.38). Another option is that Brent will drop from this area either correction will break this resistance through and we will see a new growth of quotations to 76.92. At this point, the price will meed an abundant supply and collapse (blue arrow)
Day chart: A local range is very passive, so a breakthrough 61.38 is less probable. Support for the weekly run is located at 53.90
Expectations: So, we expect a descending flat with target 53.90. Before that, the point 61.38 may be hit. .
If the price grows on Opening, we sell from 61.38 to target 53.90 and the middle-term target 44.74 .
Monthly chart: Meanwhile, a gradual recovery of the gold inside Bollinger envelopes is going on.
Weekly chart: Resistance is represented by current levels 1213.98, the middle Bollinger band and 1286.47, the upper Bollinger band.
Day chart: Local resistance is based on 1225.87, support - 1186.73 .
Expectations: Growth to 1225.87 and decline to 1186.73
1) We hold Buy opened to 1225.87 .
2)We sell from 1225.87 and 1186.73 (if there are short signals in the area 1225) .