Crude Oil Brent
☑️Brent: still downtrend correction➡️ For oil, further downward movement is expected as part of the correction, for now. Meanwhile, OPEC lowered its forecast for global oil demand in 2021 to 5.65 million barrels per day. She named the slowdown in demand growth in China and India as the reasons. Although it should be noted that oil did not react much at the time of these events.
Technically, the price continues to decline within the downtrend channel. At the moment, the resistance level of 83.10$ has a SELL-potential, with the potential to fall just below 80$ (Target № 2 on the chart). Trade parameters are presented below.
🔔 Proposed deal for this tool 🔔:
🔴Entry Point - 83.04
⛔️Stop Loss - 84.87
✅Take Profit - 80.53
Thanks for your comments and likes 👍
👇🔥 LINKS TO PREVIOUS IDEAS AND FORECASTS 🔥👇
USDCAD: breaking 1.24835 for growthAnd so, buyers for the USDCAD currency pair today intend to test the level of 1.24835 for strength. Undoubtedly, this is necessary for them to develop further growth. The nearest resistance for them in this case will be 1.25796.
Remember, there is no place for luck in trading - only strategy!
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☑️USDCAD: accelerating for takeoff➡️ USDCAD is holding at 1.24320 after positive results from both US NFP payrolls and Canadian employment data. Technically, the pair is above the balance sheet (which was broken upwards), which indicates the bullish tone of the pair for today. The DXY Index continues to rise.
The number of jobs in the US non-agricultural sector in September amounted to +531 thousand, against the forecast of +425 thousand. Data on the Canadian labor market were published. The change in employment in the country in October reached 31.2 thousand compared to the forecast of 42 thousand, which is likely to put pressure on the couple at the end of the week. However, the unemployment rate fell 0.2 percentage points to 6.7%, although the participation rate reached 65.3% versus 65.5% last month.
Bearish impulses from profit-taking, technical selling, big US inventory builds, concerns about demand in China (where a new Covid-19 outbreak is kicking off), and concerns that the US might release oil from its strategic reserve has outweighed the (widely expected) OPEC+ decision not to increase output in December by more than the 400K barrels per day/month rate stipulated in the cartel's current agreement. Looking ahead, with the Canadian economic calendar bare next week, choppiness in crude oil markets will remain a key driver of the pair.
At the moment, it is assumed that the pair will be able to stay above the balance and go up. As always, my presumed deal is below. Also, on the chart called "ORDER var. No. 2" I have considered another option for entering a long. The entry point is the same, only the location of Stop Loss and Take Profit changes. Most likely, for someone, such a setup is more preferable, since Stop Loss is placed outside the balance.
🔔 Proposed deal for this tool 🔔:
🔵Entry Point - 1.24320
⛔️Stop Loss - 1.23700
✅Take Profit - 1.25562
👍 Thanks for your comments and likes 👍
👇🔥 LINKS TO PREVIOUS IDEAS AND FORECASTS 🔥👇
Brent: same directionAnd so, the forecast for oil remains the same. It is expected that during today, the instrument would return to the downtrend channel and from there would go to the levels of 81.70 and 80.45. If the price consolidates further above 83.40, the SELL-scenario is canceled.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
BRENT: Daily View As 4th and 5th Still in ProgressThis is the Daily TF overview of pricing structure and projection.
(You can find my previous analysis for H1 TF in Related Ideas)
Brent: shorts activated And so, the short-term SELL confirms for oil. The price area 81.70 - 83.40 serves as a resistance for further growth. Now the instrument is at the resistance line of the descending channel, which at the beginning of the next week may lead to active sales.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
Crude Oil (WTI): Breakout & Bearish Outlook 🛢️
Hey traders,
Important update for WTI Oil.
The price managed to violate a major rising wedge pattern to the downside.
Its support was broken and a daily candle closed below that.
Now the broken support serves as the point for sellers to sell from.
I expect a bearish move from that.
Goal - 77.00
❤️Please, support this idea with like and comment!❤️
☑️Brent: local short➡️ Brent Crude is trading at $80.70 per barrel and is moving within the fall and the downtrend channel. The presence of a bearish trend can be traced for the instrument, which can develop into a correction. As part of the forecast for the Oil rate for November 5, 2021, the growth of the asset value is expected to develop and the test level of $83.10 . Where can we expect an attempt to rebound and continue the fall in the value of Oil. The target of reducing Oil prices is the area near the level of $80.45 per barrel.
The problem of Oil shortages remains unresolved. The current high Oil demand remains a short-term support factor and the nature of the deficit is increasingly structural, and this will require much higher long-term Oil prices. Collectively, the bullish sentiment for Oil remains in place. Locally, a correction for Oil is expected, but globally, the instrument is still bullish.
🔔 Proposed deal for this tool 🔔:
🔴Entry Point - 83.06
⛔️Stop Loss - 84.89
✅Take Profit - 80.31
Thanks for your comments and likes 👍
CRUDE OIL (WTI) Are You Ready For a Correctional Move?! 🛢
Price action analysis on WTI.
Potential scenarios & key levels.
Trading recommendations & thoughts.
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The market still needs oilBased on the technical picture, the upward trend in oil prices will continue. Fundamentally, the market needs and will need oil, which will increase the demand for oil. Potentially, the instrument will reach the level of $ 87 and $ 90.
"Black gold" goes to 80.72"Black gold" is likely to continue its correction to the level of 80.72. Already there, oil will be supported and the price may even go to a new maximum.
USDCAD: stronger and strongerAnd so, the Canadian has once again confirmed its solid position in the market after the meeting of the Bank of Canada this week. The pair continues to move within the downtrend channel. At the moment, the downward movement will continue to the last lows (~ 1.22875) and will break even lower to the channel's support line.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
Crude Oil is showing two possible Zone!Hi there!
I showed two Zone on the oil chart.
Set Order limits on the hedge of the zones and set your stop loss on the other hedge as I draw r:r rectangle.
Do risk free and then set trailing stop.
GOLD: growth potentialAnd so, the instrument is at the support level, as well as at the support line of the uptrend channel. The current situation speaks of a potential GOLD deal. It is expected that the price will remain within the channel boundaries and will tend to the level of $1825.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
☑️GOLD: moment has comeThe pullback in GOLD was predictable, and this was indicated in the forecast for this week earlier (for more details on the forecast, see the link below). The current trend indicates that further pullback is unlikely in the short term. The target of the bulls is the maximum of the month at $1808.460 - $1814.040 (resistance area).
The entry point is at the level of $1793.030 (approximately). Closing of the candle at H1 and further growth is expected. The upside potential lies in the $1820 - $1835 price range.
🔔 Proposed deal for this tool 🔔:
🔵Entry Point - 1793.330
⛔️Stop Loss - 1780.555
✅Take Profit - 1831.275
For anyone interested in SILVER, the purchase of this tool can be viewed from the same angle (see link below). In this case, pay attention to the closing of the H1 overhang above the level of $24.20105 .
Thanks for your comments and likes 👍
Technical analysis update: WTI oil (19th October 2021)USOIL keeps climbing higher. However, we are growing little bit worried that price is too high at the moment. In our opinion it would be healthy for price to correct before further rise. We think that correction could take price as low as 76 USD. In medium-term and long-term we remain bullish , however, in short-term we voice our concerns. We would not be surprised to see quick drop with subsequent retracement and resumption of uptrend. Several indicators are flashing warning signals and because of that we would like to change our short-term stance to neutral.
Technical analysis
RSI is overbought. We will observe it closely and we will look for crossover below 70 points which we expect to be accompanied by selling pressure. Despite that Stochastic and MACD continue to be bullish . DM + and DM- are also bullish . ADX continues to grow which means that trend is strenghtening.
Support and resistance
Short-term support/resistance sits at 82.15 USD. Support 1 lies at 79.76 USD and Support 2 sits at 76.65 USD. Major resistance sits at 85 USD.
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.
Growth has exhausted itselfIn the current situation, oil growth is limited. From current prices, the commodity can rush to the level of $ 83.46, where the nearest support is located.
Brent: correction is visibleAnd so, although oil is on the rise, however, weakening of buyers are visible. We are not talking about a trend change, but a correction is very likely to happen. The target of such a correction could be 83.40 and even 81.70. This price area would support the instrument.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
⭐️WTI: forecast for Oct 25 - Oct 29➡️ WTI Oil quotes are trading at $84.15 per barrel. The bullish trend continues, but the growth is limited at the moment. Positive news background does not stimulate quotes for "black gold" so much.
On Thursday, Kuwait began ramping up crude oil production in line with the OPEC+ agreement. Commenting on the situation, Kuwait's oil minister said the country's plan to increase crude oil production covers a common area with Saudi Arabia. The news did not appear to have a significant impact on crude oil prices (no positive market reaction as it was before).
As part of the forecast for WTI Oil, it is expected that the price would down to $81 , and possibly go lower. Now the trading balance has been formed (look at the chart), that will indicate the further local direction of price movement. The week closed outside this balance, but if the price returns to the balance, it would fall to $81 . A breakdown of the lower boundary of the balance will mean a test of the $80 level (from where support can be expected).
Thanks for your comments and likes 👍
CADCHF: sellers in dealAnd so, for this currency pair, you can observe the result of resistance level at D1timeframe (0.74794). This pullback may develop into a major downtrend movement, but now it is too early to say this. At the moment, in connection with the breakout of the uptrend channel, the price would rush down to the level of 0.73807 within the limits of the small supposed downtrend channel.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
☑️EURUSD: target is 1.16675➡️ The EURUSD currency pair is trading at 1.16260 . The presence of the price within the boundaries of the ascending channel once again confirms the bullish sentiment at the moment. In addition, the instrument is in the trade balance, and it is expected that the price will approach the upper border of this balance today without any significant obstacles.
🔔 Proposed deal for this tool 🔔:
🔵Entry Point - 1.16293
⛔️Stop Loss - 1.16157
✅Take Profit - 1.16701
Thanks for your comments and likes 👍
EURUSD: out of balanceAnd so, the currency pair is now consolidating in the price area 1.16215 - 1.16675. A certain pause is expected at the lower border of this balance (1.16215 - 1.16675), further growth is expected to continue to 1.16675, where the price will try to close above this level. This situation would push the instrument further towards 1.17000 next week.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
