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Crude Oil Brent

Technical analysis update: USOIL/WTI oil (30th November 2021)In our previous idea we noted that we saw short-term and medium-term headwinds for further rise in the price of oil due to ongoing politics between the U.S. and OPEC. We also stated that we expected the OPEC to take countermeasures in response to release of strategic oil reserves by the U.S. and its allies. We await tomorrow's OPEC meeting (and with it more insight into the mentioned countermeasures) which we expect to bolster the bullish case for oil in the long-term. We expect these measures to come in the form of less production quotas for cartel members. Price of USOIL fell over 21% within the last 36 days. At the moment, technical indicators point to oversold conditions in the oil markets. We think that the current price is extremely attractive for a long position (re)entry. However, we are very cautious as it is possible that the U.S. and its allies will take actions to offset measures taken by the OPEC. If this is to happen, then we expect the price to continue lower towards 65 USD per barrel. Technical analysis - daily time frame RSI is oversold. MACD continues to develop bearish structure with no signs of flattening. Stochastic is also bearish. DM+ and DM- indicate a bearish trend with ADX suggesting its strengthening. Overall daily time frame is very bearish. However, some indicators reached an oversold condition already which suggests that end of correction might be in sight. Though, all depends on further measures by the U.S. and OPEC. Technical analysis - weekly time frame RSI is bearish. Similarly, Stochastic and MACD are also bearish. DM+ and DM- show bearish condition, however, ADX continues to decline which suggests that trend of higher degree is weakening. It is possible that the price will move in range for a while before a new trend will begin. Support and resistance Major resistance level sits at 85.39 USD while the major support level sits at 61.58 USD. Short-term resistance appears at 69.60 USD. Resistance 1 is at 74.21 USD, Resistance 2 is at 75.47 USD and then Resistance 3 is at 76.95 USD. Strong support also appears at 65 USD from a psychological standpoint. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOIL
by Tradersweekly
CRUDE OIL (WTI) Key Support Ahead! Your Plan: 🛢 Update for WTI Oil. As you remember we spotted a major expanding wedge pattern on a daily time frame. Now the price is approaching its lower boundary. Taking into consideration that the market is trading in a long term bullish trend, I am looking for buying opportunities at the moment. My confirmation to buy will be a bullish breakout of a falling parallel channel on an hourly time frame. Then the price will most likely grow at least to 72.0 level. In case of a bearish breakout of a blue potential reversal zone, the setup will be invalid. ❤️Please, support this idea with like and comment!❤️
TVC:USOILLong
by VasilyTrader
20
Crude Oil Elliott Wave Idea - UpdateUpdate on an oil theory that started back in November 2020: This idea was that a wave 4 completed at $33, however the move up accelerated and it quickly came apparent that the move up from $33 was not wave 5: In March 2021 I took another look with the idea that $33 was the end of wave 2 and the current impulse was indeed wave 3 that could end around the $77 area before a wave 4 correction: In August 2021 the wave 4 completed and now taking a new high above $76 the 5th wave is confirmed: In my opinion we are now in the 5th and final wave that could end anywhere between $84 and $97, completing either a larger degree wave 1 or wave A, before a larger degree correction.
NYMEX:CL2!
by Joseph_King
1
UKOIL strong fall, it will continueAgainst the background of the news, the price drops very strongly, I suppose that this movement is not for one day. A lot of instruments react to oil, some oil markets determine their mood. The picture at the moment is as follows. The support levels are broken and the price closes the session below 73.62. I expect that the fall will continue and the first support level, which is my target - 70.67 Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻
TVC:UKOILShort
by Lingrid
10
☑️GOLD: predispose to SELL➡️ Having dropped below the 1800$ level, GOLD has created fears among buyers that it may turn into a full-fledged downtrend. Already some analysts from reputable banks are talking about the formation of the top for this tool, thereby hinting at shorts. Only time can answer whether it is or not, but in one thing they are definitely right: the growth of real profitability in the United States will put pressure on non-profitable GOLD. Hereof their assumptions about the top in GOLD and the imminent rally down. Technically, it is assumed that the price will approach another 1800$ level and even try to gain a foothold above it. The outcome of the fact that the price will be able to gain a foothold is unlikely, but if it does, then of course the sell scenario will be canceled. The sell Entry Area itself, as always, is in front of you on the chart, as well as the entry parameters. 🔔 Proposed deal for this tool 🔔: 🔴Entry Point - 1809.409 ⛔️Stop Loss - 1835.185 ✅Take Profit - 1763.717 Thanks for your comments and likes 👍 👇🔥 LINKS TO PREVIOUS IDEAS AND FORECASTS 🔥👇
OANDA:XAUUSDShort
by TradePlus-Fx
2
CRUDE OIL (WTI) Key Level Ahead! Your Plan: 🛢 Hey traders, WTI Crude Oil is approaching a key daily demand zone. 73.0 - 75.0 is the area on focus. To catch a pullback from that watch a falling parallel channel on 6H time frame. Your trigger to buy will be its bullish breakout. Then buy aggressively or on a retest. Goals will be 79.1 / 81.3 In case of a bearish breakout of the blue zone, the setup will be invalid. ❤️Please, support this idea with like and comment!❤️
TVC:USOILLong
by VasilyTrader
21
⭐️GOLD: forecast for Nov 22 - Nov 26➡️ The trading week ended for GOLD at 1845$ . At the moment, there is a possibility of a downward rollback. Thus, a downward movement is expected at the beginning of the week. There is support at the level of 1834.340$ , that will play a big role in the coming week. If the price manages to consolidate below this level, it will be very unpleasant for buyers, since the price may then go below 1800.935$. Still, it will be necessary to closely monitor the instrument, but the tendency to rollback downward and after the continuation of the upward movement is still greater. The price area of ​​ 1800.935$ - 1834.340$ will support the growth of GOLD and buyers will target the 1900$ level. Thanks for your comments and likes 👍 👇🔥 LINKS TO PREVIOUS IDEAS AND FORECASTS 🔥👇
OANDA:XAUUSDLong
by TradePlus-Fx
$UKOIL (Brent) Can Go Up - $USOIL Can TooTraders, This analysis and trade idea is on UKOIL (Brent) because I personally find it easier to trade due to few reasons. But USOIL (Crude OIL) and UKOIL usually run in the same directions with minor differences. So if this analysis works out, you can apply the same for USOIL too. USOIL fell from our levels as you will see in the attached idea. This has been great trade irrespective of what media has been saying about its bullishness, we have been short. UKOIL followed USOIL as expected. Now UKOIL has made am M pattern and we have 2 FCP (Fibonacci Confluence Pattern) zones which can support the price and also have capability of pushing the price higher. We had a confirmation on Friday but price cam back to perform stop loss collection of test of lower zone. We are looking for bullish trades here. Trade what you see and keep the risk management tight. Rules: 1. Never trade too much 2. Never trade without a confirmation 3. Never rely on signals, do your own analysis and research too ✅ If you found this idea useful, hit the like button, subscribe and share it in other trading forums. ✅ Follow me for future ideas, trade set ups and the updates of this analysis ✅ Don't hesitate to share your ideas, comments, opinions and questions. Take care and trade well -Vik ____________________________________________________ 📌 DISCLAIMER The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only. Not a financial advice or signal. Please make your own independent investment decisions. ____________________________________________________
TVC:UKOILLong
by vikinsa
3
☑️EURGBP: Briton one step ahead➡️ The EURGBP currency pair will most likely continue its downward path. Fundamentally, the Pound is supported by expectations of a rise in interest rates, prices in the UK are rising and people are more willing to spend. One of the reasons the key rate is still at its lowest is because of the risk to the labor market. The rate hike will lead to a rise in the cost of loans and may force the business to slow down with the expansion and introduction of new jobs. Technically, the pair is also looking down. As long as the price is below 0.84576 , you don't have to think about buying. The SELL Entry Point Area is shown on the chart and, as always, the most approximate trade parameters are in front of you. 🔔 Proposed deal for this tool 🔔: 🔴Entry Point - 0.84379 ⛔️Stop Loss - 0.84659 ✅Take Profit - 0.83812 Thanks for your comments and likes 👍 👇🔥 LINKS TO PREVIOUS IDEAS AND FORECASTS 🔥👇
Short
by TradePlus-Fx
Technical analysis update: WTI oil (18th November 2021)We abandoned short-term price target of 85 USD in our previous idea (as correction resumed). In addition to that, we noted that it was very likely that price would drop towards 78 USD. Currently, USOIL trades slightly below that level. We will observe WTI oil in the following days and we will look for more weakness or possible end of correction. Though, at the moment, we think it is likely correction will continue little further towards 76 USD. Because of that we will watch support level at 76.95 USD; and we will observe whether this support will be able to hold further selling pressure. Technical analysis on daily time frame suggests more weakness for oil. Despite that, we think current price is very attractive to start considering (re)entry of long position in WTI oil, however, with big cautiousness. Picture below shows USOIL on daily time frame. It also shows possibility of bearish breakout below crucial support level at 76.95 USD. If this support is broken then we expect price to drop even further. Technical analysis - daily time frame RSI and Stochastic are very bearish as they continue to move downward. MACD is also very bearish. Indeed, MACD nears crossover into bearish area. If MACD manages to perform crossover then we expect such occurence to be accompanied by more selling pressure. ADX contains low value which suggests that trend is either neutral or very weak. Technicals are overall bearish and suggest more trouble ahead for USOIL. Technical analysis - weekly time frame RSI has bearish structure. MACD remains in bullish territory, however, it strives to reverse into downside. Similarly, Stochastic is in bullish area but it already reversed its direction into downside. DM+ and DM- still suggest that bullish trend is present but ADX continues to decline which reflects that this trend is weakening. Support and resistance Major resistance sits at 85.39 USD while major support lies at 61.58 USD. Short-term support level sits at 76.95 USD. Another (closest) important support appears at 75 USD (as psychological support). Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
TVC:USOILShort
by Tradersweekly
11