Brent Crude ⛽️Oil⛽️ Analyze!!!Brent Crude ⛽️ Oil ⛽️ has passed the main wave W by Zigzag structure (5-3-5). Oil could finish Expanding Flat (3-3-5) or Main wave X at 138.03$ . Of course, the War can change my Scenario, but I don't expect Oil to break 177$ .
I expect the Brent Crude Oil to go DOWN at least to the upper line of Descending Channe & Support Zone .
Brent Crude Oil Analyze ( USDBRO ) Timeframe Monthly (Log Scale)
🔴 Resistance Zones 🔴 & 🟢 Support Zone 🟢 that we have in front of Brent Crude ⛽️Oil⛽️ .
🔴 Resistance Zone 🔴: 147$ until 135$
🔴 Resistance Zone 🔴: 178$ until 159$
🟢 Support Zone 🟢: 88.6$ until 83.3$
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Brentcrude
OIl on up On the weekly chart, there is ether a strong Falling Wedge in the making.
If the price breaks up and out of the Falling Wedge, we can expect the price to move up to $155.000
If Brent Crude forms an M formation (Double top), it's possible for Brent Crude to be bearish and on the way down. But we need the double top to form first.
What are your thoughts...
Brent: Territory 🐻The bears have their territory under control and plan to extend it further, more precisely, till the blue lake between $76.67 and $70.61, where they should fish for the end of wave 3 in blue. However, there is a 38% chance that the bulls could make an appearance and challenge our furry friends. This challenge, though, should only be successful if they can make it above the resistance at $107.64. And even if they can assert themselves, their influence should merely last through the turquoise zone between $109.81 and $118.58. Then, the bears should regain power.
Brent: You Can Do It!On its way down, Brent got stuck at the support line at $97.56. However, we expect it to struggle through and to make it into the blue zone between $94.50 and $89.73, where it should finish wave 5 in blue and wave a in turquoise. Then, Brent should move upwards, crossing even the resistance at $107.64, above which it should complete wave b in turquoise. Afterwards, Brent should resume the downwards movement and drop back below $107.64 as well as below $97.56.
Brent Crude Oil - Elliott wave theoryHave we just completed Elliott wave 1 of a crude oil bull market which I would argue started in November 2021 with Pfizer vaccine news?? Others may say it started from June 2020 after the May 2020 crash low touching zero or below briefly.
I have a question for viewers if Elliott waves up to 5 does indeed play out again for oil (and commodities in general) how can one have any clue how much time this will take?
Please refer to March 1999 (just before dot com crash) through to June 2008 (onset of GFC) Brent crude oil price chart to see how Elliott waves 1, 3 & 5 up-moves happened with waves 2 & 4 corrections.
Don't worry crude will cool to $60Brent crude completed its 'A' wave after a WEDGE break-out.
It reached 76.8% of wave 'A'@$115.60, and started to fall
Economical slow down will not support its way up,
the result is formation of wave 'B' downwards until 61.8% of wave' A' ($60)
the maximum time as per Neo wave is june24
Oil Futures Settle Lower On Demand WorriesDespite concerns about a potential recession, oil prices were still around $114 a barrel today as supply concerns outweighed concerns about a potential decline in demand. In the latest developments, workers in Norway went on strike, which is expected to cut the country's oil production by around 130,000 barrels a day.
Despite the global economic recovery, oil prices are still up more than 50% this year as the conflict in Ukraine and the lack of supply from other producers such as Russia have raised concerns about the supply of oil. OPEC+ has also been struggling to boost its production due to various factors. In addition, the Federal Reserve's aggressive monetary policy has also triggered a sell-off in commodities.
Investors are also closely monitoring the situation in China, where the country is still experiencing sporadic outbreaks of the virus.
Brent & Natural Gas PricesBrent Crude is around $111.36, as investors grew concerned about a potential global recession and the tight supply of crude. Data from the Organization of the Petroleum Exporting OPEC Countries showed that its output fell by about 100,000 barrels per day in June.
Libya's oil exports have dropped to between 365 and 409 thousand barrels per day, which is about 865 thousand barrels below the level that was normal. Also, a planned strike in Norway will reduce the country's oil production by about 130 thousand barrels per day. Despite the recent rise in oil prices, the market is still expected to remain weak in the coming months due to the global economy and the lack of supply.
Natural gas prices in Europe started July at around 150, which is a level not seen since early March. The rising prices are expected to continue due to the tight supply of gas. A strike by workers in Norway this week is also expected to reduce the country's gas output by around 292,000 barrels per day. This could threaten the European Union's efforts to increase its storage capacity.
Due to the reduction in Russian gas flows through the Nord Stream pipeline, Germany, which is the EU's largest economy, has enacted the second phase of its emergency gas plan. It involves increasing the monitoring of the market and the restart of coal-fired power plants.
Brent: Knock, Knock!After it has knocked at the resistance line at $112.43 already twice, we expect Brent to rise above this mark and into the white zone between $113.88 and $123.14 to finish wave (2) in white. Afterwards, Brent should fall below the support lines at $104.67 and $97.56. There is a 28% chance, though, that Brent could soar through the white zone and climb above the resistance at $123.71 until the bottom of the pink zone between $133.80 and $137.40 first before moving downwards.
BCOUSDCount for Brent Crude oil (BCOUSD) starts from covid low at $17.52 in April 2020
Vessels of oil where turned back at sea during lockdown. Supply was enormous, drove crude oil prices to negative territories which made headlines- something beautiful to have witness. LOL
Five wave up from April 2020 low to March 8 2022 high
March 8 2022 high of $135.84 is holding up strong, so far am tracking 1-2 formation decline which seems to suggest a zig-zag correction 5-3-5 (too early to call)
High prices in crude oil may/could/should have peaked.
Consumers may be looking forward to some relieve in the near term as price seems to cool off.
Zig-Zag correction means bears are coming in strong and if formation holds true it means the market likes whatever is been done to fix the high oil price at least in the near term.
decline below Wave B at $100.35 confirms high at 127.02 is in place
ideal entry would be price below $100.35 with stops slightly above 127.02
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