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Earlier we had predicted a huge downfall in Brent Oil from the level of 105$, Brent Oil - Crash?? - We are expecting sharp downfall in Brent Oil... and now we are predicting bottoming out process with sharp upsurge all the way up to 62$/65$ .

Recent fall in Brent Oil took almost 80 weeks to touch the level of 27.10$ from 105$ levels. From the past few days fall in Brent Oil became the major global issue including all the giant world economies. (US, China, Europe, OPEC Countries) 
We at Team NTD were closely following the movement of Brent Oil and from the last few days we are seeing that the bottoming out process has happened in Brent Oil with positive weekly reversal @32.18$(Earlier week close was 28.94$).

As of now we are not seeing any downside below 28$, and see Brent Oil to touch the level of 62/65$ in upcoming time frame of 80 weeks (1.5 years approx) whichever is earlier.

From these levels risk reward is favourable for long position with stop loss of 28$(Weekly Closing basis).

The upsurge in Crude Oil prices will have several junctions like 37, 41, 49, 51, 57 and 62$. The rise can be either on sharp short covering and later followed by positive fundamental news.

RSI: The RSI indicator on weekly charts is showing strong positive divergence from its previous bottom of 46/48$ to till recent fall of 27.10$ which indicates limited downside from current levels and upsurge is in place in future.

As per the long term Brent Oil Chart the Fibonacci retracement analysis shows the following levels:
From the top of 147$-27.10$=0.38%=72$
From the top of 128$-27.10$=0.38%=65$
From the top of 115$-27.10$=0.38%=60$

Fibonacci Retracement Levels (July 2008@147.50$ to January 2016@27.10$) 
At 23.6%    retracement - 54.77$
At 38.2%    retracement - 72.42$

Fibonacci Retracement Levels (March 2012@128.40$to January 2016@27.10$) 
At 23.6%    retracement - 50.35$
At 38.2%    retracement - 65.26$

Fibonacci Retracement Levels (June 2014@115.71$ to January 2016@27.10$) 
At 23.6%    retracement - 47.45$
At 38.2%    retracement - 60.38$

If we calculate the long term Brent Oil Chart as per the Fibonacci Time Retracement analysis shows the following levels:

From the top of 147$-27.10$=0.23%=95 Weeks
From the top of 147$-27.10$=0.38%=158 Weeks

From the top of 128$-27.10$=0.23%=47 Weeks
From the top of 128$-27.10$=0.38%=78 Weeks

From the top of 115$-27.10$=0.88%=75 Weeks
From the top of 115$-27.10$=100%=80 Weeks

Given all the Fibonacci Retracement of price and time we come to a conclusion that Brent/Crude Oil has all possibilities to shoot up anywhere between 60/65$ in next 75-80 weeks.



{27 JAN,2016}

Disclaimer:All information given here is largely based on technical analysis which is highly dynamic in nature and relevant only at a particular point of time. Users are advised to pursue these recommendations only at their own risk and first consult their personal investment advisor when making investment decisions. We are not liable and we take no responsibility for any loss that you incure by trading/investing on our recommendations. these study are posted for educational purpose only.

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