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Brent

Oil Brent - H4Oil Brent *Updating the idea and how to act* Long - ABC correction structure has come to an end - You can observe an impulse rebound after the fall, which can lead to further growth and the 5th wave on W1 The nearest target is at 95.90 This scenario is best used to exit the triangular formation on H4 when the level of 87.85 is broken - with the cancellation of this movement and without increasing risks if the breakout turns out to be false at the level of 85.09 Short - If the price does not continue to move upward, and this was a full-fledged reversal, in the continuation of the 5th wave on D1, the nearest targets will be at the level of 74.30 In this scenario, you can consider selling from the level of 85.09 - with the cancellation of this movement and without increasing risks if the breakout turns out to be false at the level of 87.85. What to expect now? Waiting for the breakout of the level for Long - 87.85, local target 95.90 - 98.10 When opening a position, it is best to exit the position from the level of 85.09, if this scenario does not materialize. Waiting for the breakout of the level for Short - 85.09, local target 77.77 - 74.30 When opening a position, it is best to exit the position from the level of 87.85, if this scenario does not materialize. Long Targets 90.17 - 92.49 - 94.63 - 98.10 Short Targets 82.28 - 79.30 - 77.77 - 74.30
TVC:UKOIL
by Trade_Hive_Signals
TradePlus-Fx|BRENT: closing the gap💬 Description: Oil quotes have been holding by buyers at current levels after the gap. The reason for the formation of the gap was the aggravated geopolitical situation in the Middle East. It should be noted that buyers even "overplaying", but there is no result, no growth is observed. In addition, it was no coincidence that the price hovered at the local level of 87.45, which is a medium-term area of liquidity accumulation. Based on the traditional our metrics, most likely in the near future we should expect a fall in order to cover the gap, as well as update local minimums. ➖➖➖➖➖➖➖ 🚀Thank for your BOOSTS 🚀 👇Share your views and FOLLOW US 👇
TVC:UKOILShort
by TradePlus-Fx
9
OIL WILL GO TO THE MOON FIRST !THE INTELLIGENCE SERVICE GAME It is IMPOSSIBLE that the intelligence services (CIA, NSA, MOSSAD, SVR, MSS, ISI, RAW, MI6...) that have invested billions and billions in monitoring "every click," every "audio" message left on an encrypted messaging platform (i.e. Pegasus), COULD NOT have been aware that HAMAS was arming itself in preparation for an operation and suddenly became ineffective! So if all the services were aware of the "scam," how did the opposing party anticipate managing this potential stumbling block? SET MOOD AND ESTABLISH THE SCENE BEFORE THE ARMS RACE BEGINS THEN COMODITIES WILL FOLLOW The internal security of a state depends on the quality of services provided by its protecting intelligence agencies The failure of Western services in prediction, but above all, the conviction that the Russians were 30 years behind, becomes glaringly evident. Otherwise a part of them knew it (CIA, MI6) and chose to misinform EVERYONE to sow chaos with the aim of boosting markets and generating demand. I always claimed this difference between USA and Russia in the fact that one are Poker players, and the others are chess players. In poker, it's not just about knowing how to lie, but also about knowing how to raise the stakes or play probabilities to determine the strongest hand on the table. The lack of information about one's potential can only be estimated through a provocation close to the borders; this is the opportunity the Americans seized in 2014 to overthrow the Ukrainian gvt. and repeat what they tried in 1936 by arming Poland (the former concept of the sanitary cordon). How can they switch from a theater of war into another ? Easy ! It is a question of manipulating public opinion as they already did in 9/11 to SAVE AMERICA from the crisis. Generally, we learn from our mistakes to avoid repeating them. And it's during an armed conflict that we delve into history to understand its origins. One must believe that only in fashion does a cyclical phenomenon exist. Without wanting to resort to sarcasm, artificially creating a conflict by using HAMAS to justify a local intervention is truly treating people like fools. The image war is primarily the one that targets public opinion at the expense of the invisible mechanisms that are set in motion, in order to make the 'pill' go down more smoothly. DEDOLLARIZATION TAKES A BACKSEAT, OIL FIRST ! Do not ignore that the USMCA (formerly NAFTA) still remains the largest consumer market ahead of the EEA. What is vulnerable or fragile for one state is an opportunity for another. The composition of teams is now known to all. The G7 against the BRICs, gradually marking the end of a G20, some countries seize an opportunity in investing in newly available areas (Africa is an example). As we observe a blatant loss of the former Western colonies, on which the latter built its wealth, it is entirely normal to see a conservative mechanism at play, detaching/tearing away the European zone at all costs to preserve the development of its own economic activity, much like a dog would defend its stake. From an objective standpoint, the Soviet Union and Europe share a similar economic framework : > A zone bringing together a group of states > Free movement of goods and individuals within it > The development of common projects using different parts of the zone > But above all, a common currency So, It took time to establish a common currency, therefore dedollarization won't happen right away And where some of them failed to stand out in creating alternatives to the dollar as they all got eliminated (HUSSEIN, KADHAFI, CHAVEZ), the probability that the BRICS succeed in this global "decentralization" becomes more and more evident. This is one of the reasons that is increasingly appealing to countries wishing to join this organisation. There is a certain logic if one looks at the geographic perspective of the 6 new members who have joined the BRICS, that it is imperative to secure the area to supply the new markets (Middle East / Africa), and consequently gain full control of the Red Sea and the Gulf of Aden (part of the BRI). Israel is merely an opportunity for the West to slow down the development of this project ! Therefore, to return to this "small" war of secret service cartels, MOSSAD (and indirectly the CIA) could not have been unaware that Hamas was arming itself progressively, but above all, qualitatively. One might even assume that it was evident to anticipate, following the abandonment of 50 billion dollars worth of military equipment in Afghanistan, just like the initiation of the Marshall Plan for Ukraine in the supply of heavier weaponry, a scenario concocted from scratch to set up this new theater of war! Something tells me that the cancelled cereal deal by the Russians has something to do with it... What are you ready to do at any cost ? www.macrotrends.net No matter the price you put into it, it will be nothing compared to the resources of governments ! In conclusion, not only have you been manipulated in a 'scam' with war images you could never have imagined seeing in 1973, but you will all watch how the price of a barrel will skyrocket and get ready to pay your "full of tank" 5 times more expensive. Russia's deputy PM NOVAK on NSE:OIL prices by year end : "Market sets the prices itself" Why? Quite simply because the geographical area of the conflict is composed of OPEC, and therefore the likelihood of a refinery receiving a 'stray missile' is very significant. As a result, the "Peace Makers" have decided to replenish their coffers to continue funding the production of ammunition... FOR THE PLAYERS : The last week close, before the busy weekend from the Gaza Strip left a gap between 84.90$ and 85.95$. There are barely 0.24$ left to close this one. The experience of 1973 raised the thermometer by over 35$ (from 28$ to 65$) initially, ultimately ending above 146$ over the decade following the conflict. 147.5$ was the 2008's ATH (we know the reason...) 138.4$ was the Russia's SMO over Ukraine, which shows the first attempt to Break the Creek Pull back above 92.63$ will trigger my Swing LONG STOP BUY > 92.63$ | STOP LOSS 79$ TARGET 1 > 147.50$ TARGET 2 > 215.32$ Just take a look of 1973-1983 chart to understand ! I don't make the rules!
TVC:UKOILLong
by UnknownUnicorn6367453
Crude Oil (CL) Gap Fill LongWhile it's unclear whether crude, which has experienced large moves recently on account of the developing conflict between Israel-Hamas, wants to trade higher or lower over the longer-term, we’re looking to take near-term longs after filling the downside futures gap formed 10/6. We’re only showing down to a 30-minute chart here, but there are some smaller supply/sell zones @ ~84.25-84.75, which could be used for initial profit targets. If the trade works for a bounce, you can also consider applying mechanical targets @ 1:1, 2:1, 3:1, etc. Regarding an exact entry price and stop loss placement, the gap fill demand zone is a bit messy. The closing price of the gap itself, technically, is 82.81, so ideally we’d see CL trade to that #. However, markets aren’t always THAT precise, so it could put in a low at a slightly higher price. Furthermore, stop placement really depends on the timeframe used. The “distal” (lower bound) line of the daily demand/buy zone is 81.50, so if you can afford the risk, a physical stop could be placed below (never align your stops exactly w/ a zone’s range + don’t use whole numbers/quarters). More conservative placement could be slightly below 81.71 or 82.31, but there’s a higher chance you’ll be stopped out; depending on account/position size and risk tolerance, you can always deploy a “small loss, reenter” strategy. If you’re nimble enough, consider using a micro timeframe (single-digit minute, tick, or volume-based chart) to ID a trend reversal signal (higher high, higher low) before entering. If CL violates recently formed daily demand (82.81-81.50), be aware that there are “bear trap” areas waiting just beneath. Entries within the corrective segment of the uptrend that began in late-June are valid until prices breech the 77.59 pivot. As always, feel free to provide feedback and/or ask questions. Good luck, be smart, and enjoy the journey! Jon @ LionHart Trading
NYMEX:CL1!Long
by LionHart_Trading
Crude oil I've been watching oil closely for the last two months. I would like to say that oil is a trending instrument, we started the decline from 95$ per barrel and fell quite rapidly until the conflict in the Middle East. all news resources said that oil rose in price on the background of this news. Technically, I was waiting for this upward correction. But if the war will really be global, the price of oil should be cheap to strengthen the US and the dollar, and these goals began to be fulfilled. In what way? I have written about this many times, that what we trade is futures oil, in the financial market, and the main players in futures oil are City Bank, Goldman Sachs, JPMorgan Chase read more Best regards EXCAVO
TVC:UKOIL
by EXCAVO
2
The increase in Brent Crude ⛽️Oil⛽️ prices due to the WAR🚀➕15%😔Unfortunately, in recent days, there has been a war between Israel and Palestine, and I hope that this war will end as soon as possible.🙏🙏🙏 🧐Now, how can the effect of this war show itself in the oil chart❗️❓ 💡At the same time, as geopolitical tensions increase throughout the Middle East , oil prices are likely to rise even more. Meanwhile, US Strategic Petroleum Reserves (SPR) are down to just 17 days , the lowest in history. This is almost half the historical average of 33 days dating back to 1990 . 💡In addition, OPEC this week reaffirmed its commitment to voluntarily cut production to a ceiling of more than 1.5 million barrels per day. 💡In the days when Russian crude oil exports are limited, and the world's largest oil producers are also at war. 😱There's never been a worse time to have an unloaded SPR than today. 📈In terms of technical analysis, Brent Crude Oil is moving near the bottom of the ascending channel , 🟡 Price Reversal Zone(PRZ) 🟡 and SMA(100) . 🔔I expect that starting next week, the trend of Brent Crude ⛽️Oil⛽️ will rise and at least reach the 🔴 Resistance zone($100.48_$95.80) 🔴 again( ➕15%) . ⛽️Brent Crude Oil⛽️Analyze (USDBRO), Daily time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will be glad to see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
FX_IDC:USDBROLong
by pejman_zwin
24
Oil Brent - H4Oil Brent The ABC correction structure has come to an end - You can observe an impulse rebound after the fall, which could lead to further growth and the 5th wave on W1 The nearest target is at 95.90 What can you expect now? You can consider entering from current price levels, but reduce the risks. Or wait for the breakdown of the level of 88.90 When opening a position, it is best to exit the position from the level of 83.30, if this scenario does not materialize. You should be careful, since the first wave is impulsive and the correction to this wave may be stronger than it is now. Targets 92.40 - 94.50 - 95.90 - 97.90
TVC:UKOILLong
by Trade_Hive_Signals
CRUDE OIL (WTI): Will The Gap Be Filled?!🛢️ WTI Oil opened with a huge gap up due to the Israeli - Palestinian conflict. As you know, the is always up to 80% chance that the gap will be filled. For us, it can be a nice shorting opportunity. To trade that with a confirmation, focus on 84.5 - 85.0 area. That is a minor intraday support that is based on gap close level and recent historical price action. My bearish confirmation will be a 4H candle close below that - its breakout. I will anticipate a bearish movement to 83.1 - gap opening level. As always, pay close attention to events. A new higher higher higher close will indicate the escalation of the conflict. ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
6
Strifor || USDCAD-10/09/2023Preferred direction: BUY Comment: The Canadian is also prone to fall against the dollar. At the moment, the price is trading at the level of 1.36545, and given this fact, in the near future the price may fall a little further below the level, in the form of a breakout. A deep potential false move down is not expected. The purpose of the purchase here will be the same as on other major currency pairs, namely updating extremes. Thank you for like and share your views!
Long
by Viktor_strifor_analyst
1
Crude Oil (WTI): Preparing For Reversal 🛢️ WTI Crude Oil closed, testing a major horizontal daily support. The price formed an inverted H&S pattern on that on an hourly time frame. Your bullish confirmation next week will be a bullish breakout of 83.37 level - its horizontal neckline. Hourly candle close above will confirm the violation. A bullish continuation will be expected to 84.51 / 85.41 levels then. ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
5
BTC THE WAY TO 30K IS HERE..Thank you for reading our update. Please remember that this is not advice for trading. Bitcoin (BTC) has faced challenges since it dropped below $30,000. Since then, it has been following a relatively stable trend. Since $24,200 BTC is working towards reaching the $30,000 mark again. We have observed that $24,600 is a strong level of support, but it's essential to consider the timeframe, which needs confirmation. The confirmation of a new upward trend might occur between $27,000 and $27,500. Until that happens, it's advisable to monitor the trend and see if BTC can confirm this positive movement based on technical data. If it does, BTC may have the potential to climb back to $30,000.
Long
by SatochiTrader
4
WTI Crude Oil All Time Chart. Does History Repeat Itself..?!I'm writing this article, because of the striking resemblance with Today's oil and the one that has been a lot of times before.. I believe that history repeats itself, and there are lessons to be learned. And since this boom and bust cycle are not new, it might also provide some understanding on where we are heading. I hope you enjoy. The time of dinosaurs In the 1850s the whale fisheries had failed to keep pace with the mounting need for illuminating oil, forcing the price of whale oil higher and making illumination costly for ordinary Americans. Only the affluent could afford to light their parlors every evening. There were many other lighting options such as lard oil among others but no cheap illuminant that burned in a bright, clean, safe manner. George Bissell, considered as the father of the American oil industry, had the intuition that oil that was plentiful in western Pennsylvania could be a first rate illuminant. The slimy liquid was so ubiquitous that it tainted well water and plagued local contractors drilling for salt. In 1855, Professor Benjamin Silliman from Yale produced a report that vindicated Bissell's hunch that oil could be distilled to produce a fine illuminant (like kerosene), plus a host of other useful products. As a result, Bissel and his company, Seneca Oil Company (formerly the Pennsylvania Rock Oil Company) needed to dispatch someone to Pennsylvania to look for large pools of oil. First oil drilled in America That man was Colonel Edwin Drake, known as the first to successfully drill for oil. Drake arrived in Titusville, Oil Creek Valley. Oil was known to exist here, but there was no practical way to extract it. Its main use at that time had been as a medicine for both animals and humans. Natives used it for war paint and for soothing skin liniment. It took a couple years but Drake struck oil in 1859. This was the beginning of a pandemonium. Bands of fortune seekers and speculators streamed into Titusville and other oil-related businesses quickly exploded on the scene. I guess we can call this the Klondike of oil, as a beginning of Global Industrialization Era. Mr. Rockefeller was known as the co-founder of the Standard Oil Company and was the world's richest person. Crude oil jumped multi X times in 1860s from approximately 50cents per barrel in early 1860s to over 3 dollars in late 1860s. Additionally, I would like to note that crude oil fluctuated between $10 and 10¢ a barrel in 1860! Adjusted for inflation, Mr. Rockefeller fortune upon his death in 1937 stood at $336 billion according to Fortune (in 2008 U.S. dollars). Similar how crypto enthusiasts built their wealth in 2010s, right? 😉 Pump and Dump By the late 1860s, there was a slump in the oil industry, keeping it depressed for the next five years. Low kerosene prices, a boon to consumers, were catastrophic for refiners, who saw the profit margin between crude and refined oil prices shrink to a vanishing point. Worse, the oil market wasn't correcting itself according to the self-regulating mechanism described by neoclassical economists. Producers and refiners didn't shut down operations in the expected numbers. John D. Rockefeller said "So many wells were flowing that the price of oil kept falling, yet they went right on drilling." Rockefeller tirelessly mocked those "academic enthusiasts" and "sentimentalists" who expected business to conform to their tidy competitive models. One Hundred Years of Resistance for $4 According to the standard model of competition, as oil prices fell below production costs, refiners and producers should have shutdown. But the oil market didn't correct itself in this manner because refiners and producers carried heavy bank debt and other fixed costs and by operating at a loss they could still service some debt. Each refiner, pursuing his own self-interest, generated collective misery. Does it sound like today's crypto news, right? 😉 The U.S. drilling activity didn't slow down after hot 1860s as much as expected and a lot of producers are still pumping oil to avoid defaulting on their loans.. There was World War I in 1914-18, and total number of military and civilian casualties was around 40 million - around 20 million deaths and 21 million wounded. 😓 There was World War II in 1939-45, and total number of military and civilian casualties estimated around 50 - 56 million.. 😓 Crude oil prices jumped again, and again. But still remained below $4 until 1970s, as there were no all time peaks in crude oil after super hot 1860s. Money-printing Era Breaks the Rules The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system, that has been resulted with huge inflation all over the world within further decades.. Technical pictures at the main WTI crude oil chart illustrates, oil price are on the sustainable path since then, with huge bullish accelerations within local and global conflicts, like Arab-Israeli War in 1973, 9/11 attacks in 2001 and Russia-Ukraine conflict in 2022. Nowadays Knee-jerk surge’ happens again, and again, so oil experts repeatedly predict market impact of new 2023 Israel-Hamas conflict. Crude oil price sees a spike on early Monday trading Oct 9, 2023 so the overall impact of the attack on Israel by Palestinian militants Hamas has yet to consider... In a conclusion.. Does history repeat itself.. Certainly "Yes". As lessons of history still remain unlearned.
TVC:USOIL
by Pandorra
BRENT OIL ( UK OIL ) LONG term Trade AnalysisHello Traders In This Chart UK OIL HOURLY Forex Forecast By Forex Planet today UKOIL analysis 👆 🟢This Chart includes_ (UKOIL market update) 🟢What is The Next Opportunity on UKOIL Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:UKOILLong
by ForexPlanet20
CRUDE OIL (WTI): Top-Down Analysis & Your Trading Plan 🛢️ Have you seen that sell-off on WTI?! The market was falling like crazy, breaking one key level after another. Now the price is on a key daily horizontal support. I see a nice double bottom on 1H time frame that can give us a perfect confirmation to buy. Wait for 1H candle close above 82.92 - its neckline. Then buy aggressively or on a retest with goal - 84.4 Alternatively, if the price sets a new lower low, the setup will become invalid. ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
9
Oil to bounce to test $94I think oil will now bounce to test $94. I'm short term bullish; medium term bearish. Oil took a hard dive "low liquidity run" through the previous swing-low which was taken out. The next swing-low is $77-ish. But we are hitting 20 week MA and prior old highs at the same time. Thus the slow stochastic weekly losing embedded (was above 80 now falling below 80) means a run to the 20week MA was likely. The next few days will show whether or not this confluence of old highs and 20week is strong enough to arrest oil's fall towad the liquidity pool (swing low) of $77. My trade has been to open longs using credit-puts below that $77 level where there should be much stronger resistance than the confluence already mentioned. Counter thesis is that the price cheese-knife's toward the $77 liq pool which could accelerate a sell-off. 20 Week is the "hold the line" for the trade.
NYMEX:CL1!Long
by DarthTrader1357
Impact of Fed's Interest Rate Hikes on Gas and OilOn October 4, 2023, the OPEC+ ministerial panel did not make any changes to the group's oil production policy after Russia and Saudi Arabia announced continued voluntary supply cuts to support the price of black gold. However, Brent and WTI crude futures have fallen more than 13% over the past week on concerns that central banks could raise interest rates again to more aggressively fight inflation. In addition, rising unemployment and the slower pace of China's economic recovery are also putting further pressure on oil prices. On the other hand, the US and European Union economies remain strong despite numerous problems, including high inflation and geopolitical tensions due to the military conflict between Russia and Ukraine. Thanks to stronger-than-expected consumer spending, global economic growth continued into the third quarter of 2023. From the point of view of technical analysis, we believe that on September 28, the global wave (3) was completed, which, as it should be, was the longest and strongest wave, which is also reflected in the fact that this asset attracted the attention of the mass public. On October 5, 2023, wave A was completed, which belongs to a larger corrective pattern of the (4) wave, implying a continuation of the downward movement of the Brent crude oil price after reaching a strong resistance zone in the $89-$90 range. By the end of the fourth quarter of 2023, we expect the price to reach $77-$78. In addition, global oil prices are under pressure, partly because gas storage facilities in Europe are full. It should be noted that oil prices and the US Dollar index (DXY) are often inversely correlated, meaning that when the DXY rises, oil prices usually fall and vice versa. So, in recent weeks, the dollar has been strengthening, making oil more expensive for countries using other currencies, which reduces demand for it and, as a result, oil prices.
NYMEX:CL1!
by AisenQuantum
1
SasanSeifi 💁‍♂️Brent 👉1D🔼 90 / 94 Hey there! 😊 On the daily chart, As you can see, the trend turned quite bullish after it broke past that pesky resistance at 78 and overcame the dynamic resistance too. Right now, it's hanging out around 86. Fingers crossed, if it stays above the 82 mark, we could see it making its way up to the 90.70 resistance level and even touching the long-term supply zone. If it keeps climbing, we'll want to keep an eye on how it interacts with those resistance spots. Let's see where it goes from here! 🚀 Just keep these scenarios in mind as you analyze the market. Remember, things can always change unexpectedly, so stay flexible in your trading approach.❗ Wishing you loads of success in your trading adventures, my friend!✌ ❎ (DYOR)...⚠️⚜️ Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help! And if you found my analysis helpful, I would appreciate it if you could show your support by liking and commenting. Thank you!🙌
BLACKBULL:BRENTLong
by SasanSeifi
TradePlus-Fx|EURUSD: complicated situation💬Description: The situation is quite complicated in terms of finding an entry point today. Most likely, one should wait for the American session, where everything may become clearer. It is clear that the currency pair is still under selling pressure. All buy-trades (countertrend trades), are made exclusively intraday with a small stop loss. Today, the release of data on the labor market is expected, which may immediately cause volatility in the market. Here you should be careful, and there is a possibility of updating local minima (look at the chart). It is best not to set targets above 1.05194. 🔔 FX CALENDAR TODAY 🔔 🇺🇸JOLTs Job Openings ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
by TradePlus-Fx
10
Odd things in the oil market, reminiscent of 2022 market topRecently, more and more financial institutions have been upgrading their price targets for oil. Mostly, these forecasts were upward of $100 per barrel, with JP Morgan and some other financial entities forecasting prices as high as $150 in the coming months. About three weeks ago, we tweeted that these statements are very reminiscent of those made in the second quarter of 2022 when many of the same corporations upgraded their forecasts right at the market top (to $150, $200, etc., depending on the entity). While $100 per barrel could be in play if OPEC and OPEC+ (mainly referring to Saudi Arabia and Russia in this regard) manage to maintain production cuts and the U.S. stops releasing oil from the Strategic Petroleum Reserves, we are very skeptical about the ultra bullish calls out there. The first reason for our view is that if the global economy continues slowing down and heads into recession, we will likely see oil demand falling. The second one, which surprises us, is that the Biden administration has not started filling up Strategic Petroleum Reserves despite planning to do so earlier this year (plus, despite oil falling below $70), which makes us wonder why the administration is not buying. Could it be that they completely miscalculated their game and missed the chance, or are they expecting a better opportunity to come (supposedly better than $64 per barrel)? We honestly do not know, but it is very odd, to say the least. Illustration 1.01 The picture above shows the monthly chart of U.S. crude oil production. From the start of 2023 through June 2023, U.S. crude oil production has grown by more than 500,000 barrels per day (by more than 4%). Illustration 1.02 Illustration 1.02 displays the daily chart of USOIL and simple support/resistance levels. Technical analysis Daily time frame = Bearish Weekly time frame = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
14