Brent oil 4h On 4H & 1D
Direction: Upward above 59.40
Target: 63.14 and 67.00
Stop line: under 59.30
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My Last Idea On 10Feb :
Brentoil
Commodities video overview $CL_FIn this video overview, we will take a look at the Oil, Copper, Gold, Silver, and Brent Oil. $GC_F and $SI_F have the most promising consolidation patterns #Oil is breaking higher.
2 clear scenario for UKOIL or BRENTBest Case - Price rise until USD 74 per barrel - reason current still in bullish mode
Worse Case - Price will drop until USD 37 per barrel - major trend still in bearish mode
Brent oil 4h+Tendency:
Upward, to take (63.30) & (66.10)
+Retest:
But in the yellow zone (triangle) will make retest till 59.60
+Contrary:
Stabilize under 59.30 will get 56.60 & 55
Brent prices: no way down anymore, long run over $100 againThe price trends since 2008 looks like a re-accumulation. The last price collapse was possibly a spring. It was interesting that the test was the lows of December 2008.
I expect TVC:UKOIL will find support in the next days. I don't expect a price re-test of $30.
In the long run, we can expect the prices above $100, when the price is ready to pass over the re-accumulation zone.
BRENT OIL - Getting Slippery Soon!Hello everyone, if you like the idea, do not forget to support with a like and follow.
on WEEKLY (left): BRENT OIL is sitting around a strong supply area in green and outer brown trendline so we will be looking for trend-following sell setups on lower timeframes. (red projection)
Unless BRENT OIL breaks this decision area aggressively upward, then we will be looking for buy setups on the retest. (blue projection)
on H4 (right): BRENT OIL formed a symmetrical triangle in gray and we all know that this is a bilateral pattern (means it can break either side) but since it is sitting around a supply zone as shown from Weekly, the downward break is preferable.
Trigger => Waiting for a momentum candle close below the lower gray area to sell. (projection in red)
And for the trend-following buy setup, we will need to wait for that third swing high to form around the upper gray trendline, to consider it valid and buy on its break upward (not recommended for conservative traders)
Good luck!
~Rich
USOIL - What can we expect? Ascending Triangle?
Welcome!
What's up traders! Thanks for Jumping back on my Analysis, 👨💻 Trader champ is here behind the charts, Hit the thumbs up 👍 and support the work
Follow the trade plans and notes. Sketch up your own trade setup and make sure you meet with the required confirmations first, before you make your move!
________________________________________________
Traders Disclaimer: Non of our analysis or trade setups which is shared here on trading view is a trading advice. As we keep on weekly updates with our predictions and expectations. We may take them as a trades only if trade setups meets the required criteria ( Confirmations ). We will never make a move or look back if trade setup invalidates with price action or future economical movements. Understanding the markets is the key behind all success stories. So never miscalculate under estimate anything which is out of your bounds. Take them at your own risk as trading is highly risky and you may loss your investments.
Mohamed Khalid Rafi ,
Senior Financial Analyst,
Profitlio Trading.
CRUDE OIL TECHNICAL ANALYSIS, BULLISH VIEW. Since the beginning of January there has been a strong bullish momentum, reaching almost a price of 54.00.
Looking at the 1h Chart we can see how a double top has formed and buyers failed to break above previous high. Market is currently in a correction phase, a good buy opportunity can be at the retest of support level: 51.50 otherwise if the price manages to get below support i would wait and see if the 4h/1D bullish trend line gets respected and look for the formation of new higher highs and higher lows to enter for a buy.
Safe sells are set only if the strong bullish trend line breaks.
Crude Oil Price Above $50 a Barrel, Reversal incoming?Crude Oil prices have surprised many investors and traders. Similar to Copper, in a sense both are an economic recovery play. Way back last year, we saw Oil hit 0, but then form a head and shoulders reversal pattern. The uptrend has been held since then, but we have finally now hit a major resistance zone which could signify a shift in trend.
First of all the fundamentals. Oil above 50 is big because it signifies a recovery. Even with second lockdowns in many nations, Oil continues to move higher. The play was the covid vaccine. With a vaccine developed, the question now becomes how quickly it can be distributed and how quickly can people get inoculated. People like Kyle Bass see this being bullish because the demand for air travel once things re-open will be greater than many expect. People will want to live life and do things they were holding back on due to lockdowns. Jetfuel demand will be overwhelming.
The second major fundamental is of course OPEC. The oil cartel is saying that demand for oil is cloudy due to pandemic uncertainty. Maybe a stronger mutation means the vaccines become useless, and we go back to lockdowns. OPEC members have decided to maintain their production cuts due to low demand. But really, could this just be a way to raise prices?
OPEC discussions can be an issue going forward with surprise cuts or production increases. The Biden administration and their green energy plan will be seen as negative on fossil fuels, but the truth is we cannot phase out of oil very quickly. Oil will still be here.
Yes, I know that many oil company balance sheets are bad, but I have told my readers that in this irrational exuberance fueled market, investors will look for things that are cheap. Our options were limited to airlines, cruise ships, banks and energy. Energy just looked the best because these companies will continue to pump, and with rising oil prices, can churn out a profit.
Regardless of what you think about Oil, it has surprised many people who were bearish the commodity. I trade the markets I see, not the ones I hope or want to see. Emotions are set aside. I have profited on the way up, and I believe there is an opportunity to play a short.
Starting with US Oil (West Texas), the 4 hour chart is showing some price reaction at the major 53.50 resistance zone. I recommend going out to a longer daily time frame to see why this area is major resistance. A good zone for a trend reversal.
On the 4 hour chart, we are forming the reversal pattern known as the double top. In fact the short was triggered, but due to US markets being closed today, a lot of liquidity is not present for follow through.
The breakout was triggered when we closed below 52.25, and price pulled back to retest and currently sellers are stepping in. It looks good.
Placing our stop loss above 52.55, we can target the major psychological zone at 50.00 to the downside. We can assess from there if price continues making multiple waves lower.
Brent Crude (UK Oil) actually looks much nicer.
The very popular head and shoulders reversal pattern.
Same technicals apply: breakout has been triggered and we have pulled back to retest the breakout zone.
To the downside, I would target a broad zone between 51.00-52.00 as it is a major flip zone (an area that has been both support and resistance in the past).
For an entry, you can enter right now, or wait for price to make new recent lower lows.
US OIL Recovering Losses way upto $65
Welcome!
What's up traders! Thanks for Jumping back on my Analysis, 👨💻 Trader champ is here behind the charts, Hit the thumbs up 👍 and support the work
Follow the trade plans and notes. Sketch up your own trade setup and make sure you meet with the required confirmations first, before you make your move!
________________________________________________
Traders Disclaimer: Non of our analysis or trade setups which is shared here on trading view is a trading advice. As we keep on weekly updates with our predictions and expectations. We may take them as a trades only if trade setups meets the required criteria ( Confirmations ). We will never make a move or look back if trade setup invalidates with price action or future economical movements. Understanding the markets is the key behind all success stories. So never miscalculate under estimate anything which is out of your bounds. Take them at your own risk as trading is highly risky and you may loss your investments.
Mohamed Khalid Rafi ,
Senior Financial Analyst,
Profitlio Trading.
Brent Oil Futures (BR1!) Time to Fall
Brent oil finally reached a major strong weekly resistance.
On that, the price has formed a h&s formation and just broke below its neckline.
Taking into consideration the overbought market, chances are high that the price will go much lower.
Goals - 53.15 / 51.0
Please, support this trade with like!
Oil Time For Reversal - Short TradeOil Short Trade
Entry: $53.76
TP & RR: $52.41
Stop Loss: $54.51
REASONS FOR THE TRADE
So far Oil has respected the channel and I believe that it is now reaching a point of exhaustion. This upper trendline from the channel is also in confluence with a fairly strong resistance level, so I believe a small pullback is due.
The Stop Loss is well above the channel and similarly to the trade from a few days ago, if the price starts pushing up we will close the position because a spike up should follow.
BRENTOIL 🛢💵 to pullback with the further bounce BRENTOIL 🛢💵
The pullback will go. Here is what I expect taking the overall picture into account.
BRENT - YET FOR A STRONG DEMANDWEEKLY
Oil is yet to be broken out from its major downtrend, Though Brent is retesting its weekly EMA200 with a slight price rejection
No projection here on where the Brent will go. As news on OPEC is still going strong but no real demand of Brent yet !
If we see a price rejection, Brent might fall and retest Fib Retracement on 0.78 points
Watching this closely if Brent is able to sustain the Psychological 50usd support
Oil Ascending Channel - Long OrderOil Ascending Channel Long Position
Entry: $51.69
TP & RR: $52.87 (1.59)
Stop Loss: $50.95
REASONS FOR THE TRADE
After breaking up at the ascending triangle, Oil has now formed an ascending triangle, testing the lower trendline. If it holds I believe that it will make a higher high and potentially trying to test the upper trendline or at the very least do a double top.
My Stop Loss is very conservative here because there may be a fakeout and I don't want to get stopped out (my USDJPY trade is still haunting me I guess). As I am writing this I can see that the price is already going up, so I hope a small pullback will give me the entry I want, after which I will start trailing my SL.
