Crude Brent Oil Analysis
Here is a wave analysis using Demand & Supply Principles.
I use #brent #oil futures market from Moscow exchange.
We have 2 waves
1) This is the first wave, It has volume 1.35m contracts and 3.4% progress
2) The second wave gained 1.7% progress with a bit higher volume 1.42m
Buyers “spent” more efforts (seen by volume) but with fewer gains (result). Chart tells us – this is a zone of resistance (supply). So, we were warned about a possible decline.
3) As a consequence of Weak action on Friday, Monday has opened with a big gap down.
4) Note how the buying volume decreases on tiny up-wave. This is No-Demand.
5) Genuine Supply pressure
While price holds below #RFSB level (black line) – the situation is bearish.
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