UKOIL (Brent Oil)
Today is the Labor Day in the USA and Canada. The volatility of Forex majors can decrease a little. Therefore, we will focus on commodities and cryptocurrencies.
Brent Oil is testing the upper border of the declining channel. There are 2 strong reversal pattern on the Daily chart: “shooting star” and “evening star”.
A bullish potential of last Crude Oil inventories is done. Storages’ decreasing was stronger than a forecast but less than the previous value.
Now UKOIL quotes in close proximity to channel border. It gives us an opportunity to sell Brent with a tiny Stop Loss and the worthwhile profit target at $71.60.
Ethereum is cramped between 61.8% and 38.2% Fibo levels. A bearish breaking of consolidation looks most likely than bullish due to candlesticks patterns. While ETHUSD was testing 38.2% level, quotes made “shooting star” and “bearish engulfing” patterns. Therefore, if the coin falls under 61.8% Fibo level at $280, we will sell it with the target at $260.
So, Our targets for:
UKOIL (Brent Oil) – $71.60
ETHUSD – $260