Get started

Crude Oil Brent

Oil is likely headed to $70 per barrel in 2024For the past four trading sessions, West Texas Intermediate crude oil oscillated between $83 and $85 per barrel. At the moment, it trades near the lower end of this range, and technical indicators on the daily chart continue to grow bearish; the same applies to technicals on the weekly graph. As a result, the likelihood of oil slumping below $80 in the short/medium term increases. This view is also supported by the weakening global economy and the latest data (preliminary) from Saudi Arabia (the world’s second-largest oil producer), which revealed the country’s economy shrank by 4.5% YoY in the third quarter of 2023 (the oil activities declined by 17.3%, while non-oil and government activities rose 3.6% and 1.9% respectively). Unless there is any significant disruption to the supply in the Middle East amid the Israel-Hamas War, we believe the crude oil is headed lower. With that said, we want to set our price target to $80 per barrel in the short/medium term and next year’s price target to $70 per barrel. Illustration 1.01 Illustration 1.01 displays the daily chart of USOIL. The yellow arrow indicates a bearish crossover, confirming the trend reversal. Technical analysis Daily time frame = Bearish Weekly time frame = Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
4
SOLANA UPDATE 2023Solana's Firedancer Testnet Sparks 80% Gain Solana, often called the "Ethereum killer," has surged by an impressive 80% in the past month, thanks to the launch of its Firedancer testnet – a much-anticipated scaling solution. This surge has rekindled investor optimism in Solana, and its native token, SOL, has seen an 81% price increase in the last month, reaching over $41 on November 2. This recovery is significant, considering that Solana was down 84% from its all-time high. It's now emerging as a strong contender in the crypto space, outpacing even Ethereum in recent gains.
Long
by IPatrice
UK Brent Oil 4H :Support further decline UK BRENT OIL New forecast The price of Brent crude futures traded with strong negativity yesterday, succeeding stably without support at 86.93. We note that the price broke this level and closed the daily candle below it, heading towards achieving a further decline, with its next target reaching 85.14 level, by breaching this level will open the door against our targets at first will reach to 84.50 level ,it will extend to 83.80 . Therefore, the downward trend scenario will remain valid during the coming period, supported by the negative pressure formed by the moving average 50, taking into account that stabilized above 86.93 will lead the price to begin recovery attempts and achieve gains and postponed the bearish waves. The expected trading range for today is between support 83.80 and resistance 86.93 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 85.14 ,83.50 resistance line : 86.93 , 88.36 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILShort
by Arazmajeed
6
TradePlus-Fx|BRENT: intraday idea💬 Description: Today, the instrument is at the level of 87.45 and is most likely to prepare for a fall in the more medium term. But here it is necessary to take into account the geopolitical background, which greatly influences oil. Today, an idea is proposed, the time frames of which are within the day. Namely, long for the purpose of local updating of the maximum. The approximate target is the level of 90 . After which, as was said, the price will most likely rush down again, if there are no sharp geopolitical surges on the world stage. 🔔 FX CALENDAR TODAY 🔔 🇺🇸PCE Price index 🇺🇸CPI 🛢US Baker Hughes Total Rig Count ➖➖➖➖➖➖➖ 🚀Thank for your BOOSTS 🚀 👇Share your views and FOLLOW US 👇
TVC:UKOILLong
by TradePlus-Fx
12
TradePlus-Fx|USDCAD: BoC meeting💬 Description: Today, the Central Bank of Canada will announce its decision on interest rates. The rate is expected to remain at the same level. Against this background, we continue to adhere to our previous trading idea for USDCAD , namely to look up (look at the chart) . But most likely, there will be volatility during or after the meeting of the Central Bank of Canada, then the pair is most likely to roll back down. The expected movement is thus depicted on the chart . As a result, the more global target remains the same, and we expect growth to 1.38271 level. 🔔 FX CALENDAR TODAY 🔔 🇺🇸New Home Sales 🇨🇦BoC Interest Rate Decision 🛢Crude Oil Inventories 🇨🇦BOC Press Conference 🇪🇺ECB President Lagarde Speaks 🇺🇸Fed Chair Powell Speaks ➖➖➖➖➖➖➖ 🚀Thank for your BOOSTS 🚀 👇Share your views and FOLLOW US 👇
Long
by TradePlus-Fx
12
UK Brent Oil 4H :Retest and then rise upUK BRENT OIL New forecast The price perfectly fulfills my last idea and reached to our first target +285 pip . The price of Brent crude oil contracts has made new attempts to penetrate the 89.55 level and is finding it difficult to exceed it, waiting for a strong positive incentive that will contribute to pushing the price to exceed this level and confirm the opening of the way for a rush towards our new positive targets that start at 91.00 and extend to 92.52. Therefore, the emerging scenario will remain valid and effective due to the poor situation between Israel and Palestine. keeping in mind stability above 89.55 represents a preliminary condition for the continuation of the expected rise, as trading under that area it will put pressure on the price to decline again to the previously broken level 86.93 so now it is possible to do a negative correction and then we will see bullish waves . The expected trading range for today is between support 86.93 and resistance 89.55 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 86.93 , 85.32 resistance line : 88.38 , 89.55 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILLong
by Arazmajeed
The U.S. reveals a trick up its sleeveA few weeks ago, we expressed our bewilderment at the U.S. administration and its handling of the oil stockpiles. Despite oil plummeting below $70 during the summer, officials did not take the initiative to refill the Strategic Petroleum Reserves (also canceling plans to buy oil in July 2023), prompting us to speculate about what trick the administration could have up its sleeve. Finally, last week, we might have discovered exactly what it was when news erupted that the United States lifted some of the sanctions on Venezuela, allowing it to produce and export oil to its chosen markets for the next six months without limitation. While Venezuela’s oil production is only about 800,000 barrels per day, the news announcement is still quite a big thing as it will enable U.S. entities to buy crude oil and help alleviate rising crude oil prices (especially if the country ramps up production in the coming months and the global economy continues to slow down - presuming no broad conflict will affect oil supply in the Middle East). Now, on the topic of technicals, we are paying close attention to the Sloping Support/Resistance. If the price breaks back above the resistance (and holds the ground), it will be bullish. However, a failure will raise our skepticism about more upside. In addition to that, we are watching MACD, RSI, and Stochastic on the daily chart. To support a bearish case, we would want to see all of them continue declining. Contrarily, to support a bullish case, we would like to see MACD reversing and breaking above the midpoint. Illustration 1.01 Illustration 1.01 shows the daily chart of USOIL and a simple setup with bullish prospects above the sloping support/resistance and bearish prospects below it. Illustration 1.02 Illustration 1.02 displays the daily chart of MACD. The yellow arrow indicates a bearish breakout below the midpoint. If MACD fails to rebound back into the bullish area above zero, it will raise the odds for a continuation lower. Illustration 1.03 Illustration 1.03 shows the daily chart of USOIL and simple moving averages. The yellow arrow indicates an impending bearish crossover between the 20-day SMA and the 50-day SMA. If successful, it will bolster a bearish case. Technical analysis Daily time frame = Bearish (with weak trend) Weekly time frame = Slightly bearish Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
4
UK Brent OIL 4H : try to retest and then rise UKOIL New forecast The price perfectly fulfills my last idea and price reached our second target + 300 pip . The price of Brent crude futures traded strongly positively yesterday, breaching the 92.52 level and confirming a return to the ascending channel once again, reactivating the positive scenario and heading towards achieving positive targets starting at 95.00 and then 96.00. The 50 moving average supports the price from below to reinforce the continuation of the suggested upward trend, which will remain in effect provided that the price maintains its stability above the 92.52 level.also its possible to retest to 92.52 and then rise up again . The expected trading range for today is between support 92.52 and resistance 95.00 until breaching one of them . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 92.52 , 91.00 resistance line : 94.00 , 95.00 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILLong
by Arazmajeed