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Brentcrude

WTI Oil Macro OutlookWest Texas Intermediate Crude Outlook Technical Analysis: Still on an uptrend but indicators are showing signs of weakness. - Bearish Divergence on the Weekly for both RSI & OBV - Elliot wave count could indicate end of wave 5 and start of an ABC correction - Break below 67.476-ish area bottom of trend line would indicate further bearish momentum however support on the bottom trend line could indicate a continuation of the uptrend - Weekly candlestick reversal pattern formed Key support levels are - 62.5 - 60 - 54.65 - 53.5 Fundamental Analysis: - Libya's state-run National Oil Corp open up adding a supply shock to the oil market adding to the bearish price action - Trade tension affecting crude prices due to the following reasons currency fluctuation (stronger dollar = pressure on crude) and tariff to the energy sector (decreasing demand) - OPEC could boost oil supply more + Trump (adding to the supply) - EIA inventory indicate levels reported a below forecast with decrease inventory levels -12.63M (-4.489M forecast) (www.investing.com) Much lower than forecast which would indicate further bullish price action however price traded downwards instead, this would indicate that the information has already been priced into the market. Summer season also is expected to have increase in demand due to driving seasons thus market has already priced in to such information. In my opinion, the actions taken by various organization to cool down oil prices would lead to a supply shock where we would see a sharp decline in oil prices over the following months or until trade tension subsides. Happy Hunting, Charles Chua Disclaimer This information is for educational and informational purposes only. Any information and advice on investments are thoughts and my own opinions only. I am not responsible for any investments you make.
OANDA:WTICOUSDShort
by mongacoin
2
Support Holding Strong on Brent Crude Oil?Last post: June 4th. See chart . Review: Price was pulling back to retest a previous pivot support level. Update: Price attempted to break through support but failed producing a potential indecision candle today. Conclusion: Looking for support to stay strong and for the bulls to make a move back up to $80. Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments! Sublime Trading
TVC:UKOILLong
by Sublime_Trading
Brent Crude Oil Back at SupportLast post: May 30th. See chart . Review: Price was bouncing off support and heading back towards $80. Update: Bullish strength was short-lived and the bears have taken price back to support. Conclusion: We want to see support hold strong again and for price to break through $80 and then trend through to $100. Patience needed. Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments! Sublime Trading
TVC:UKOILLong
by Sublime_Trading
Strength on Brent Crude OilLast post: May 27th. See chart . Review: Price is in a bull trend but was pulling back after finding resistance at $80. Update: Price has found support at a pivot level and we have seen strong bullish action today. Conclusion: A potential bull flag is possible but need a break and close above $80 and the May pivot high to confirm that. Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments! Sublime Trading
TVC:UKOILLong
by Sublime_Trading
A great opportunity to sell in Brent Oil. don't miss it.Midterm forecast: Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm. Technical analysis: There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased. The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased. Price is below WEMA21, if price rises more, this line can act as a dynamic resistance against more gains. Relative strength index (RSI) is 47. Trading suggestion: There is a possibility of temporary retracement to suggested Sell Zone (77.65 to 80.40). if so, we would set orders based on Daily-Trading-Opportunities and expect to reach short-term targets. Beginning of entry zone (77.65) Ending of entry zone (80.40) Entry signal: Signal to enter the market occurs when the price comes to "Sell zone" then forms one of the reversal patterns, whether "Shooting Star" or "Peak" , in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about "Entry signal" and special version of our "Price Action" strategy FOLLOW our lessons: Take Profits: TP1= @ 75.40 TP2= @ 73.25 TP3= @ 71.30 TP4= @ 68.85 TP5= @ 66.65 TP6= @ 62.35 TP7= @ 58.15 TP8= Free
FX_IDC:USDBROShort
by ForecastCity
1
$80 Resistance on Brent Crude Oil This commodity is featuring for the first time on our TradingView blogs. Current setup: Price has been in a bull trend since last year. Most recently, price broke out of consolidation in April and trended well to $80. Conclusion: Price is struggling to break through $80. We will be standing aside until a break and close above $80 to add more long trades. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
TVC:UKOILLong
by Sublime_Trading
Chart pattern signal shows price of Crude Oil to go higher.Long term view. The chart patterns in the ellipses are occurring twice in the last 9 years, first in 2009, and now again from end of December 2017 to present day, and as we see that cycles repeat, expectations are the price of Crude Oil to go even higher against $80 - $100 per bbl. And it is not the technical analysis that appoints to this scenario happening, but also yesterday we got very clear vision for the future price directly from Saudi Arabia, officials stated Saudi Arabia needs price of oil to get to $100, and considering they have the power to adjust the production output in partnership with OPEC members and also non OPEC members in accordance with the demand and risks occurring around the oil markets, we can expect positive months for the oil markets to come. As the price makes correction to the downside buyers are emerging on levels below $65 and $63. As we expect that the price will rise, it has probability of going up gradually with resistances occurring close to these levels: $70, $72, $75, $80, $92, $96. Link for a video analysis for the Oil. www.youtube.com Link for the OPEC's price hawk vision. www.reuters.com Risk warning! --------------------------------------------------- Trading carries a high level of risk to your capital and may result in losses that exceed your initial deposit. You should first be aware of the risk and know what you do before you proceed with trading. Supplied information is not advice.
OANDA:WTICOUSDLong
by TheTrade_Academ
WTI: Potential ABCD reversal to $57Crude (Brent or WTI) broke out their respective consolidation range over the last few days and are completing an xABCD pattern. If you would to pull out the weekly chart for CB11, you should be able to trace out an ABCD completion. Downside projection suggest a low teen downside target to $60 for CB1! and $57 for CL1!. Most traders are looking at inventory numbers and forgetting it takes strong oil demand to work down the inventories. If the Donald launches another round of tariffs on China and China retaliates, we can kiss the bullish demand picture good night.
NYMEX:CL1!Short
by WellTrainedMonkey
Brent Crude Oil approaching support, potential for a bounce!BCOUSD is approaching strong support at 63.54 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a nice bounce could potentially occur at this level to push price up to major resistance at 66.35 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is seeing major support above 2.1% where a corresponding bounce could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
OANDA:BCOUSDLong
by Tickmill
Brent Crude Oil testing major resistance, potential for a drop! Brent Crude Oil (BCOUSD) is tesing major resistance at 66.64 (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push price back down to 64.31 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,5,3) is seeing major resistance at 98% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
OANDA:BCOUSDShort
by Tickmill