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Brentoil

Brent Oil: Ready for a Rally?Brent oil prices have skyrocketed in recent months, from about $70 a barrel in June to more than $90 a barrel today. This is due to a number of factors, including: Fundamentals Tight supply: OPEC+ has cut output to support prices and there are concerns about supply disruptions from Russia due to the ongoing war in Ukraine. Strong demand: Global oil demand is recovering from the COVID-19 pandemic and is expected to continue growing in the coming months. Weaker US Dollar: A weaker US dollar makes oil more affordable for buyers using other currencies. Technicals 30-minute chart: Brent oil is currently trading in a bullish trend channel on the 30-minute chart. The RSI indicator is above 50, suggesting that buyers are in control. The MACD indicator is also bullish, with the MACD line above the signal line and the histogram turning positive. 4-hour chart: On the 4-hour chart, Brent oil is also trading in a bullish trend channel. The RSI indicator is above 50, and the MACD indicator is bullish, with the MACD line above the signal line and the histogram turning positive. Daily chart: On the daily chart, Brent oil is trading above its 200-day moving average, which is a bullish signal. The RSI indicator is above 50, and the MACD indicator is bullish, with the MACD line above the signal line and the histogram turning positive. Conclusion Overall, the fundamental and technical outlook for Brent oil is bullish. Prices could continue to rise in the coming days and weeks, especially if there are any supply disruptions or if the US dollar continues to weaken.
CAPITALCOM:OIL_BRENTLong
by YExplore
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
THE WORLD IS CHANGING, SO IS THE OIL PRICE MOVEMENTSCAPITALCOM:OIL_BRENT On the fundamental side, Brent oil prices have been supported by a number of factors in recent months, including: Strong global economic growth, which has boosted demand for oil. Supply disruptions caused by the ongoing conflict in Ukraine. The decision by OPEC+ to cut production by 2 million barrels per day. The war in Iran, which has raised concerns about further supply disruptions. However, there are also some headwinds facing Brent oil prices, including: The potential for a global economic recession, which would reduce demand for oil. The release of oil from strategic reserves by the United States and other countries. The increasing popularity of electric vehicles, which could reduce demand for oil in the long term. Overall, the fundamental outlook for Brent oil is bullish. The factors supporting prices are likely to outweigh the headwinds in the near term, but there are some risks to the upside potential. Technical analysis On the technical side, Brent oil is currently in an uptrend. On the 30-minute chart, the price is above the 50-day and 200-day moving averages, and the RSI indicator is above 50. This suggests that the bulls are in control and that the price is likely to continue to rise in the near term. On the 4-hour chart, the price is also above the 50-day and 200-day moving averages, and the MACD indicator is giving a bullish crossover signal. This further confirms the uptrend on the 4-hour chart. On the daily chart, the price is also above the 50-day and 200-day moving averages, and the RSI indicator is above 50. This suggests that the uptrend is likely to continue on the daily chart as well. Elliott wave analysis Elliott wave analysis suggests that Brent oil is currently in the fifth wave of a five-wave Elliott wave sequence. This means that the price is likely to continue to rise until it reaches its target, which is around $100 per barrel. Conclusion Overall, the fundamental and technical outlook for Brent oil is bullish. The price is likely to continue to rise in the near term, with a target of around $100 per barrel. However, investors should be aware of the risks posed by a potential global economic recession and the ongoing war in Iran. Additional thoughts on the war in Iran The war in Iran is a significant wildcard for the oil market. If the war escalates, it could lead to a major disruption in oil supplies, which would send prices soaring. However, it is also possible that the war will be resolved quickly, with minimal impact on the oil market. Investors should closely monitor the situation in Iran and be prepared to adjust their positions accordingly. I am deeply saddened by any war and the conflicts happening around the world. My heart goes out to all those who have been affected by this violence. I know that words alone cannot heal the pain of those who have lost loved ones or been displaced from their homes. However, I want to express my solidarity with all those who are suffering and to let them know that they are not alone. I believe that peace and understanding are essential for a better future. I hope that we can find a way to resolve these conflicts peacefully and build a more just and equitable world for all. This being said, coming back to our analysis, good luck everyone in your financial decisions.
CAPITALCOM:OIL_BRENTLong
by YExplore
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
The Price of Black Gold: A Poetic Analysis -- The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. -- The Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. -- The MACD for Brent Oil is currently above the signal line and in positive territory. This suggests that the uptrend in Brent Oil remains intact. -- Potential Direction for Brent Oil Based on the Elliott Wave, RSI, MACD, and other technical tactics, the potential direction for Brent Oil on the weekly timeframe is bullish. Brent Oil is likely to continue its uptrend, with the next target being the 100 USD level. However, if Brent Oil breaks below the 80 USD level, it would suggest that the uptrend is at risk. -- Factors That Could Affect the Analysis There are a number of factors that could affect the analysis of Brent Oil, including: Global economic growth: A strong global economy will lead to increased demand for oil, which would support prices. Geopolitical tensions: Geopolitical tensions in the Middle East and other oil-producing regions could lead to supply disruptions, which would boost prices. US monetary policy: The US Federal Reserve is raising interest rates in an effort to combat inflation. This could lead to a slowdown in the global economy and a decline in oil demand, which would weigh on prices. Overall, the technical outlook for Brent Oil is bullish on the weekly timeframe. However, investors should be aware of the factors that could affect the analysis and should adjust their positions accordingly. -- Additional Notes It is important to note that no technical analysis is perfect, and the price of Brent Oil could move in a way that is not anticipated by the analysis above. Investors should always do their own research and consult with a financial advisor before making any investment decisions.
CAPITALCOM:OIL_BRENT
by YExplore
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
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 ALLKA_RESEARCH
1
Oil Brent - H4Oil Brent You can already see the formation of an ABC correction - if the price does not form a full-fledged three-wave structure and turns the trend downward. The nearest target is at 87.50 What can you expect now? You can consider entering from current price levels, but reduce the risks . When opening a position, it is best to exit the position from the level of 91.50, if this scenario does not materialize. You should be careful, as this is a correctional formation. Targets 89.15 - 88.20 - 87.50
TVC:UKOILShort
by Trade_Hive_Signals
Brent - H4\D1Brent crude oil The channel is closed and consolidated, which allows us to expect a continuation of the upward movement towards the target of 96.14 (discussed in the previous analysis). What can you expect now? You can consider an entry from a breakdown of the level of 93.27. In the case of a local movement, we can also expect a correction to the levels 92.17 – 91.83 and the opening of a position. When opening a position, it is best to exit the level of 90.23 if this script is not implemented. Targets 93.84 – 95.04 – 96.14
TVC:UKOILLong
by Trade_Hive_Signals
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 Price Slows Down; Potential PullBack Below 84 ImminentThe bullish momentum of crude oil price appears slowing down around sellers' level, should the price break below $86.12, there's a heightened probability of oil reverting to test the prior support level situated below $84. N.B! - USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast. - Let emotions and sentiments work for you - ALWAYS Use Proper Risk Management In Your Trades #usoil #crudeoil #wti #brentoil
TVC:USOILShort
by BullBearMkt
Brent \ Oil - AnalysisOil Brent MN - The price has broken through the trend line at 87.51, which may indicate the beginning of an upward movement. W1 - We are observing a retest after the triangular formation and a breakout of the level of 87.51; for the price to move further upward, it is necessary to wait until the price consolidates at this level, which will open up the possibility of moving to the level of 108 - 125 If the price does not fix at the level of 87.51, we can expect a continuation of the downward movement with a target to the 71 price level What can you expect now? When moving up, the nearest target is 99.34 When moving down, the nearest target is 81.64 Long Targets 99.34 - 108.94 - 125.09 Medium term - targets 92.34 - 94.87 - 99.34 Short Targets 81.64 - 76.52 - 71.27 Medium term - targets 85.40 - 83.79 - 79.81
TVC:UKOIL
by Trade_Hive_Signals
Worrisome ? Saudi Arabia is appearing in the global marketThe development and use of artificial intelligence has been a source of much discussion and concern around the world. In this scenario, a country that has long been overlooked in the technological area begins to emerge; Saudi Arabia. It is a controversial country, which participates in several conflicts in the region, directly or indirectly, and which has a bad record of human rights. However, it seeks to modernize and become a technological hub in the region. To do this, it adopts a curious strategy: investing in soccer. The Saudi national championship features names like Cristiano Ronaldo and Neymar Junior, as well as some European coaches, who were hired for astronomical values. But what is the purpose of this? It is not just a passion for the sport, but rather a way of diversifying its image and attracting investments. Macroeconomics As the largest Arab economy and one of the largest in the world, Saudi Arabia expects to reach a GDP of over 1 trillion dollars in 2023. However, its economic performance still faces many challenges, such as inflation, unemployment, public debt and current account deficit. In addition, the kingdom seeks to reduce its dependence on oil, whose prices are unstable and subject to external shocks. An example of this was the Covid-19 pandemic, which caused a 4.1% drop in GDP in 2020. Faced with this scenario, the Saudi government implemented measures of fiscal stimulus, public accounts adjustment and economic and social diversification, within the framework of the Vision 2030 plan. These measures favored the recovery of the economy in 2021, with an estimated growth of 8%. For the next few years, the prospects are positive, but moderate: a growth of 3.1% is expected in 2023 and 3.5% in 2024. Table of data for 2020 and current 2023: Source: Nasdaq.com; Al-Monitor The Saudi oil sector It is controlled by the state-owned Saudi Aramco, the largest company in the world in market value and oil extraction. It produces 9.2 million bpd (barrels of oil per day), 9% of world production and half of the bloc’s capacity. The company also influences the global fossil fuel market by its extraction policy and its agreements with OPEC+. In 2020, it led an agreement of the organization to reduce extraction by 9.7 million bpd, 10% of global supply, until April 2021. In 2023, it also announced voluntary cuts in its extraction, with Riyadh saying it would reduce oil by 400 thousand bpd from May until the end of 2023. In addition, it extended the voluntary cut of one million bpd for another month, until July 2023. These measures aim to balance the fossil fuel market and avoid an oversupply. In August 2021, the price of Brent (international reference) was around US$ 72 per barrel, an increase of about 40% compared to the beginning of the year. And a recovery of about 80% compared to the lowest level recorded in April 2020 (US$ 40 per barrel). This high was sustained by the reduction of OPEC+ supply, by the improvement of demand with vaccination and by the expectation of a global economic recovery. The oil sector faces uncertainties and risks, such as the Delta variant of Covid-19, which can reduce the demand for oil, geopolitical tensions and the energy transition to renewable sources. Remember that the war between Russia and Ukraine has a direct impact on this sector, as oil is a strategic and essential resource for the development of many countries. Factors such as supply shortage, energy insecurity, geopolitical tension and emergency stock release affect fossil fuel prices, generating impacts on inflation, transportation, production, and consumption. How to solve this problem? It is important to seek peaceful and diplomatic solutions for the conflict in Ukraine, as well as sustainable and renewable alternatives for the global energy matrix. Oil consumption depends mainly on the level of economic activity of consumer and importer countries, which can increase or decrease their demand. WTI and Brent Oil Technical Analysis WTI Futures To be more precise, WTI suffered a slight drop from 127 to 66.87, resulting in a range between 69.84. In the chart below, we can observe that this corresponds to an accumulation pattern, based on Wyckoff’s structure. Stock data of this fossil fuel still indicate scarcity, as extraction was reduced since the beginning of the pandemic. There was a significant decrease in extraction between 2021 and 2022, compared to the period from 2017 to 2019, when it was much higher. In addition, the ESG sustainable movement agendas have long sought to reduce oil extraction, aiming to raise awareness about the use of fossil fuels worldwide. A more detailed analysis of the daily oil chart reveals an accumulation range. In the month of June, there was a significant increase in buying volume, indicating investor interest in buying. I believe this accumulation range will last for some time. After that, investors should wait for signs of interest rate cuts, which may occur in 2024. Jerome Powell does not signal a cut, but rather increases in interest rates. As we know, lowering inflation in the US economy is a challenge for the Federal Reserve, which directly affects the price of crude oil. The same pattern seems to repeat itself when we examine the Brent oil CFD. Again, we observe an accumulation structure during this period. We can also identify a bearish channel. Even with the buying flow since June, the market may return to the range between 86 and 70 until there are signs of improvement in economic data. What I mean by that is that Saudi Arabia, along with the United Arab Emirates, took advantage of the appreciation of oil to generate more wealth and profitability. This positively impacted the Middle Eastern countries. High oil prices benefited the countries, which increased their production, revenue and geopolitical influence, and they bought clubs, made sports partnerships, opening doors for diversification. Country’s Investments in Technology Saudi Arabia has invested billions of dollars in technology and innovation, as part of its plan for economic diversification and social modernization. The country has sought to become a hub for research and development in areas such as artificial intelligence, cloud computing, biotechnology, robotics, and cybersecurity. One of the examples of these investments is the purchase of 3,000 H100 chips from Nvidia, each valued at US$ 40,000, by the King Abdullah University of Science and Technology (Kaust), a national public research institution. These chips are essential for the development of artificial intelligence software, especially those based on the GPT-3 model. Kaust plans to use Nvidia’s chips to create its own ChatGPT, an intelligent conversation system that can interact with users in Arabic and English, answering questions, providing information and offering services. In addition to Kaust, other national institutions and companies have also bought chips from Nvidia to develop artificial intelligence projects. For example, the Saudi Telecom Company (STC), the largest telecommunications operator in the country, acquired 1,000 H100 chips to create a cloud computing platform that offers AI services to corporate and governmental customers. As we explore the implications of Saudi Arabia’s controversial ambitions, it is essential to consider how these actions are shaping global relations and, more specifically, the impact they have on leading companies in the technological scenario, such as Nvidia. What does NVIDIA have to do with it? Nvidia has stood out remarkably in relation to other companies in the development of chips for artificial intelligence, arousing the interest of Middle Eastern countries. But, this rise, caused some concerns to the United States, which began to impose trade restrictions in the region. To better understand why Nvidia has stood out in this scenario, I decided to create a qualitative and quantitative analysis. Let’s explore the reasons behind Nvidia’s continued success in the field of technology. My goal is to show how Nvidia is benefiting from innovation in its sector and how this can impact its market performance. Qualitative analysis NVIDIA Nvidia is a company known for its products aimed at gaming, but that also stands out in the sector and in the race of artificial intelligences. The company positions itself as a leader and reference in this field, being one of the most valuable in the world. In 2020, its revenue was US$ 16.68 billion and, in August 2021, its market value was US$ 538 billion. With more than 18 thousand employees in more than 30 countries, Nvidia has strategic partnerships with technology giants such as Google, Microsoft, Amazon, Facebook, and Tesla. Relevant Details of the Sector of Activity: The semiconductor sector, in which Nvidia operates, is very competitive and innovative. Semiconductors are essential for the manufacture of electronic components and require efficient chips to meet growing demands. Nvidia differentiates itself by its experience in GPUs optimized for parallel processing and AI. In addition to having a solid presence in games, the company also offers solutions for cloud, data centers, IoT and other areas. For this, it invests continuously in research and development. SWOT analysis: _____ Strengths: * Market leadership in the CCaaS segment. * An open and flexible platform that integrates various cloud communication and collaboration solutions. * High quality and security of the services offered by the company. * Strong revenue and profit growth in recent years. Weaknesses: * Dependence on the North American market, which accounts for approximately 70% of the company's revenue. * Vulnerability to cyberattacks and privacy breaches. * Difficulty in retaining and attracting qualified talent in the technology sector. Opportunities: * Increased demand for cloud communication and collaboration solutions due to the COVID-19 pandemic and trends in hybrid work and online education. * Expansion into new geographical markets and customer segments. Development of new products and services that add value to customers and generate recurring revenue. * Strategic partnerships with other technology companies to enhance integration and interoperability of the company's solutions. Threats: * Intensified competition in the CCaaS segment, with the entry or strengthening of major market players such as Microsoft, Google, Cisco, and Facebook. * Regulatory or legal changes that could impact the SaaS sector or the CCaaS segment. * Reduced demand for cloud communication and collaboration solutions after the end of the pandemic or the return to in-person activities. Source: Seeking Alpha _____ Fundamental Analysis Going straight to the point about the financial health and performance of the company. For this, let’s use the financial data from the second quarter of fiscal year 2024 (ended July 31, 2023). The financial indicators that we will consider are: EBITDA, CFO, ROE, ROIC, Gross Margin and Operating Margin. Source: Yahoo Finance According to the data, it presents good indicators of profitability, cash generation and margins, despite the drop in revenue and profit compared to the previous year. The company stands out in the data center segment, which grew 61% compared to last year. It faces some challenges, such as Russia’s sanctions and China’s lockdowns, which may affect its performance in the future. But the company continues to invest in innovation and expansion, such as the acquisition of ARM and the launch of the Omniverse platform. NVIDIA is a leader in the graphics chip market, with potential to grow even more in the coming years. Source: Yahoo Finance The company has a liquidity of 5.07, which indicates good liquidity. This means that the company has more than enough to cover its short-term obligations. The company has a debt of 0.19, which indicates low debt. This means that the company has a healthy capital structure and is not heavily leveraged. We can conclude that Nvidia has a solid financial position and that it can take advantage of growth opportunities in the technology market. It has also shown consistent results and exceeded expectations. That is why it is considered one of the best in the technology sector. NVIDIA Technical analysis: Translate: But if we look deeper, the video increases since October 2022. If we look closely at the year 2022, it was a year in which the S&P 500 had a very large devaluation compared to the year 2021: It's evident that major stocks listed on Nasdaq and NYSE have also been impacted by this performance, with balances well below expectations and generating significant pessimism. From October 2022, we began to observe a gradual recovery in major stocks listed on Nasdaq and NYSE, although this began in June when there was an increase in purchases on June 21. Despite the sharp decline, there was a recovery from this drop, forming a range where investors took advantage of the pessimism to buy stocks. The movement observed at the bottom on October 3 corresponds to a “spring,” indicating the end of the downtrend. 2023 has been a positive year for Nvidia, and the recent surge could further boost share prices if it breaches the 483 region. After examining the impact of Nvidia on the global technology scenario, we see that technological innovations are not always used positively. We do not know how far Saudi Arabia plans to go, but its ambition and power raise doubts. The country is a controversial figure in the global scenario and with all the investment in technology and innovation, they can generate concerns for the international community. I hope this article was useful and informative for you. Thank you for your reading. Source: Reuters, Financial Times, Investing.com. Tradingview.com, Yahoo Finance
NASDAQ:NVDALong
by Victoredbr
Buy BRENT#BRENT Oil continues its steady growth on expectations of a reduction in supplies from the Russian Federation in September, as well as positive news from China. However, at the moment the price is starting to look a bit overheated and needs to be deflated. Against this background, I am waiting for a suspension and correction in the coming days. Nevertheless, the uptrend is strong, so the plan is to open purchases near the levels of 87 and 86 dollars per barrel with a take profit of 88.50.
SKILLING:XBRUSDLong
by airstels
Brent uptrend exhaustionContext: Weekly – uptrend (UT), one-time-framing up Daily – uptrend Microstructure: Poor highs, poor lows Last day: value moved down Special notes: There are multiple signs of UT exhaustions: shortening of daily trend upthrust, daily volume dries up, last week value area overlaps with previous week Moreover, price is close to monthly resistance cloud. Without some stong bullish news it will be hard to get through it. Conclusion: A swing trader that is still LONG should strongly consider reducing position. At this point it is still too early to flip but risks of staying LONG outweigh potential upside. For a day trader there is still an opportunity to play LONG as daily low high (LH) is still not set. The best risk-reward opportunity for LONG can be found near last week low
CAPITALCOM:OIL_BRENT
by hermes_trisme