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Brentcrudeoil

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.
TVC:UKOIL
by MarketIntel
1
Brent Oil in trading range, low volumeMOEX:BR1! Brent Oil Futures has been in a trading range since March of 2022 on the daily chart forming a rectangle pattern. The support is found at $96.00 and the resistance at $124.00. A close above $127.00 will confirm the pattern's breakout, with a target price of $152.00. A close below $90.20 will confirm the pattern's breakout, with a price target of $73.30. Note that not every price target is met. $BR1! has been trading below the 100 EMA since the first week of July of 2022. It is essential to observe the low trading volume since the month of March. A low volume after an uptrend could indicate that the trend is ending, and a reversal might start.
RUS:BR1!
by SanchezAxline
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.
TVC:UKOIL
by bbitar
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.
TVC:UKOIL
by bbitar
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.
TVC:UKOIL
by MarketIntel
Oil After Saudi Hikes Crude PricesBrent crude futures were trading at around $121 a barrel on Monday, after Saudi Arabia raised its oil prices for July. The country's official selling price for light crude was also raised. While it kept the premium for US barrels steady, it also raised prices for other products . The gains were largely due to last week's decision by the Organization of Petroleum Exporting Countries (OPEC+) to increase its output by about 600,000 barrels per day in July and August. However, markets are still questioning the group's ability to meet the demand. At a time when the US is experiencing a spike in demand, China's easing of its Covid lockdowns is also helping to boost oil consumption. As the US looks to increase the supply of crude oil to make up for the loss of Russian supplies, some traders noted that tUS might allow more Venezuelan and Iranian oil to be imported.
TVC:UKOIL
by bbitar
Oil prices to continue to rise?Last week's news headline, "OPEC sticks to production plan as high oil prices boost economy". We could almost say oil is a necessity in our daily lives. For transport, for heating in cold countries. Although we face high inflation, and a possible recession, would we expect oil to hit a point of demand destruction? At this point, I doubt so. So there is a real possibility of oil prices hitting the high again. Technical analysis wise, I am seeing a higher low into resistance. On 18-19 April, it printed a head and shoulders at resistance on the 4H chart before heading back down to re-test the dynamic support, or the upward trendline. Expecting price to consolidate for a while at this area.
OANDA:BCOUSDLong
by geneAnalytics
Brent: GlueyBrent is currently glued to the resistance at $114.74, where it has finished wave b in blue. However, we expect it to let go of this mark soon to fall into the turquoise zone between $101.67 and $99.83. There, it should complete wave a in turquoise and move back above $104.67 afterwards to finish wave b in turquoise. After that is settled, Brent should gradually fall below the support lines at $104.67, $97.56 and $93.57. There is a 40% chance, though, that Brent could climb above $114.74 and make a detour through the green zone between $117.78 and $133.52 first before moving downwards.
TVC:UKOIL
by MarketIntel
2
Brent: Parking Assistant 🚗Beep beep, beepbeepbeep, beebeepbeepbeepbeeeeeep Brent seems to have afforded a parking assistant, judging by the neat way in which it has entered our white zone between $106.12 and $99.47 to finish wave c in blue and wave (B) in white. We expect it to turn around soon and to head for the next parking lot above $114.74, the green zone between $117.78 and $133.52. After Brent has completed wave B in green and wave (C) in white there, it should turn again and home in on the support at $97.56.
TVC:UKOILLong
by MarketIntel
1
UKOIL LONG - Buy Entry - H4 ChartUKOIL LONG - Buy Entry - H4 Chart Buy @ Market Symbol: UKOIL BrentOil Timeframe: H4 Type: BUY Entry Price: Buy @ Market Resistance @ 117.209 Resistance @ 114.778 Resistance @ 111.456 Support @ 105.692 Support @ 104.437 ✅ If you liked this analysis, please consider Following and giving it a Thumbs Up 👍 ✅ If you have any feedback or questions, please leave a comment below as I answer each comment 💬 ✅ Wishing you enjoyable successful trading 🙏
ULong
by UnknownUnicorn35780991
Brent: Watch Your Head! 🤕Brent has been climbing and climbing and climbing and has actually maxed out the space until $114.74. There, it has finished wave (A) in white, butting its head at the resistance line, and subsequently turned around to move downwards. We expect Brent to drop into the green zone between $106.12 and $99.47 to recover and to complete wave (B) in white. Then, it should start to rise again, breaking through the resistance at $114.74 this time. After finishing wave (C) in white as well as wave B in green, ideally in the lower third of the green zone between $117.78 and $133.52, Brent should turn again, heading in the direction of $97.56.
TVC:UKOIL
by MarketIntel
1