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BCOUSD trade ideas

BRENT CRUDE OIL may drop in price by as much as -65%Today we would like to share my opinion on the possible price of Brent Crude Oil in the coming years, analyzing the chart on a monthly timeframe The war in Ukraine is not just a war between the two countries, it is a geopolitical problem that will affect all world economies. The world's economies have not yet recovered from the Covid-19, and here is another blow. Expensive energy will stop buying due to the excessive cost of production of "everything", the purchasing power of the population falls. Declining demand for oil will bring down the price. The fall in the price of Brent oil -25% in the coming months in the area of ​​$78-80 per barrel will be just the beginning. But looking at the schedule, is striking the price zone of $36-46 to be a strong mirror level and this is -65% of the current price Maybe this is a fair price for oil, from where a total restart of the world economy can take place by purchasing cheap energy resources. Perhaps this is symbolic, but for the first time on the historical price chart of Brent, the zone of $36-46 was established as important when there were powerful geopolitical world changes: 1979-1980 - the Islamic Revolution and 1990-1991 - the collapse of the USSR
TVC:UKOILShort
by P_S_trade
109
Brent Crude Oil Price Drops to Yearly LowBrent Crude Oil Price Drops to Yearly Low When analysing the oil market on the XBR/USD chart on 4th September, with Brent crude trading near its yearly low, we: → noted the formation of a descending channel (marked in red); → highlighted key support (marked in yellow), which has now been broken; → suggested the likelihood of an interim upward correction, potentially rising to $74.50. Since then, Brent crude oil: → climbed to $75; → tested the yellow line from below; → then reversed downwards, reaffirming the relevance of the red descending channel (as the bullish breakout attempt failed). Bearish sentiment was fuelled by reports of a potential increase in global oil supply, particularly due to higher production in Libya and Saudi Arabia. Could Brent crude prices continue to fall? From a technical analysis perspective of the XBR/USD chart today: → The price is in the upper half of the descending channel, indicating that while bears may control the market, it may not be enough to expect a sustained downward trend. → Bulls appear to be active as the price nears the psychological level of $70. This was evident with yesterday’s halt in the price decline around $70.60. → Price dynamics are revealing clearer signs of an upward channel (shown by the purple lines). Considering the above, we cannot rule out the possibility of Brent crude making another attempt to break through the upper boundary of the red channel in the near future. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
BRENT - Potential ShortThere is a potential short coming up on BRENT based on the turning downwards of the stochastic and the crossing of the EMAs. The MACD hasn't crossed yet, but it will if it continues downwards. It is currently trading at a support level from all the way back to last year between March and June. If it breaks through this level successfully, I am pretty sure we will have a nice downward move, but it might just test it again and move slightly upward. If breached, we are aiming for a target at around the 60 level.
VELOCITY:BRENTShort
by RossLarter
LoVE Affair with Black GoldFrom the Castle to the Markets: A Nobleman's Love Affair with Black Gold Ah, black gold , the very lifeblood of nations—how you move with such power, shaping the world and our fortunes with each fluctuation. We find ourselves now 20 days deep into our grand BCOUSD trade, and due to recent geopolitical stirrings, the fruits of our patience are beginning to ripen. With barrels of this earth’s precious lubricant secured at the princely sums of $72 and $73, our hedge has proven most fortuitous. Oh, Oil, you are my sanctuary, my steadfast companion in the turbulent tides of commerce. I understand you, I hear you, I feel you. I know well that you are ascending toward $85 with purpose, driven by forces beyond mere markets. Though I had anticipated parting ways at 25 days, I now sense that our journey must extend a while longer. You have yet more to offer, and I am not ready to release you from my grasp. I shall remain in this trade, for your allure is undeniable, and I do not wish to part before reaping the full bounty you so generously bestow. Ah, how fitting it is that I, from the serene halls of my ancestral estate, should be engaged in such noble pursuits. The grand windows of my castle overlook vast lands, but it is the boundless ocean of crude oil where my fortune truly lies. In these hallowed chambers, where portraits of my forebears gaze down with approval, I contemplate each rise and fall of the market with the precision of a master chess player. Oh, Oil, you are no mere commodity to me—you are the very pulse of the earth, and I, your devoted steward. As you climb toward the glorious $85, I remain vigilant, savoring each movement as one would a fine vintage, knowing that the winds of geopolitics blow in our favor. Though I may tarry longer in this trade than first expected, it is a small price to pay for the rewards that await, as we ascend together toward new heights of wealth and glory.
OANDA:BCOUSDLong
by MarkLeRoy
Brent Oil Resistance Rejection IdeaDescription: Brent oil is approaching a key resistance level. This level previously acted as support, but after being broken, it has now turned into resistance. If the price revisits this area, there’s a high probability of rejection based on past price action. Trade Idea: Watch for the price to approach the resistance level. If there are signs of rejection (e.g., bearish candlestick patterns or declining momentum), this could be a good opportunity for a short position. Set a stop-loss slightly above the resistance level in case the price breaks through. Potential target: Previous support level.
BLACKBULL:BRENTShort
by WaveRiders2
Brent oil trend moving down or up?Amid supply concerns in the markets, oil prices, which had dropped to the $69.30 level, saw a notable rebound. The American Petroleum Institute reported a 1.9 million barrel increase in weekly crude oil inventories, while a slight decrease is expected in the official crude oil inventories to be announced in the U.S. today. In the U.S., strong expectations remain that the Fed will cut interest rates by 25 basis points today. Therefore, despite the positive risk appetite, Brent oil prices have continued to trade with a bearish trend below the $73.00 level. Technically, if the 72.35 support level is broken, further declines toward 71.50 and 69.30 are possible. On the upside, if the 73.0 resistance is surpassed, buying momentum could accelerate toward the 74.30 and 75.50 resistance levels.
TVC:UKOIL
by primequotes
Why haven't you profited from oil yet???Oil prices are falling rapidly due to several factors: Increased crude production in the U.S. and other countries not part of the OPEC+ agreement. Decreased demand from a major consumer, China. In August, demand dropped by 7% year-over-year. On September 10, 2024, the price of #BRENT oil fell to $68.44 per barrel — the lowest since December 2021! Analysts at Gunvor and Trafigura predict that global Brent oil prices could drop to $60 in the near future. In response, eight OPEC+ member countries have agreed to extend production cuts until December 2024. However, the efforts of the commodity deal participants have yet to yield the desired results... While traders worldwide are deciding whether to "sell with the trend or buy at a cheaper price?" we’re offering you a benefit for any trade direction by completely canceling oil swaps! From September 16 to 29, no Swap or Swap Free fees will be charged for rolling over #BRENT and #WTI oil contracts on FreshForex platforms.
ACTIVTRADES:BRENT
by Fresh-Forexcast2004
UK OIL / Brent Crude Oil Bullish Money Heist Plan on Long SideHola ola My Dear, Robbers / Money Makers & Losers, This is our master plan to Heist (UK OIL / Brent Crude Oil) based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal / Trap at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Attention for Scalpers : If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money. Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money. Entry : Can be taken Anywhere, What I suggest you to Place Buy Limit Orders in 15mins Timeframe Recent / Nearest Swing Low Stop Loss : Recent Swing Low using 2H timeframe Warning : Fundamental Analysis comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style. Stay tuned with me and see you again with another Heist Plan.....
BLACKBULL:BRENTLong
by Thief_Trader
Will UKOIL continue its decline?The U.S. Energy Information Administration (EIA) announced that global oil demand will reach a higher level this year, while noting that the increase in production will be lower than previously forecasted. Additionally, the EIA reduced its price forecast for Brent crude oil in 2024 by 2.4%, from $84.44 per barrel to $82.80 per barrel. As a result, Brent crude oil prices fell to the $70.0 level. Technically, if the 69.30 support level is broken, further declines toward 67.50 and 65.60 are possible. On the upside, if the 71.50 resistance is surpassed, buying momentum could accelerate toward the 73.0 and 74.30 resistance levels.
TVC:UKOIL
by primequotes
Brent Crude Oil (UKOIL) Analysis 1M Chart (Monthly): • Head and Shoulders: A potential bearish Head and Shoulders pattern is visible. The left shoulder forms near $94, the head at $110.59, and the right shoulder around $90.15. • Fibonacci Retracement: • 0.764 level at $94.40. • 0.618 level at $84.39. • 0.382 level at $68.20. • Critical support lies near $58.19 (0.236 Fibonacci). • RSI: Around 59.28, indicating a slightly bullish to neutral trend. • MACD: Bearish momentum is building, suggesting a potential downside. • Key Observation: A break below the $71.92 support level could confirm the bearish head-and-shoulders pattern, with a potential target towards $42 USD (projected target from the pattern breakdown). 1W Chart (Weekly): • Fibonacci Levels: The key support levels on the weekly chart: • Resistance: • $110.19 (0.764). • $97.18 (0.5 Fibonacci). • Support: • $84.16 (0.236 Fibonacci). • $72.52 is a critical level as it’s the immediate support zone. • RSI: Around 43.09, entering bearish territory. • Stochastic Oscillator: Bearish, suggesting continued selling pressure. • Key Observation: The weekly chart suggests a strong downward momentum. If $72.52 breaks, Brent could head to $58 USD (0.236 Fibonacci on monthly). 1D Chart (Daily): • Price Action: Brent Crude is facing immediate resistance at $86.30 USD (0.764 Fibonacci), with support at $81.57 USD and $71.92 USD. • RSI: At 37.86, indicating the asset is approaching oversold conditions. • MACD: Bearish momentum continues to dominate, with further downside pressure expected. • Stochastic Oscillator: Bearish crossover suggests potential further downside in the near term. • Key Observation: There is a target towards $71.92, with additional downside possible if it breaks below this level. 4H Chart (4-Hour): • Price Action: Brent is testing support at $71.10, with immediate resistance at $81.31 USD (0.764 Fibonacci retracement). • RSI: At 29.00, signaling that the asset is highly oversold in the short term. • MACD: Shows bearish momentum, but a possible reversal could occur due to the oversold conditions. • Key Observation: The price is at a crucial support level. A bounce from $71.10 USD is possible, but if it breaks below this, it may head toward the next support zone around $67 USD. 1H Chart (Hourly): • Price Action: Brent is currently facing resistance near $80.10 USD (0.236 Fibonacci) and is sitting near support at $71.40 USD. • RSI: At 30.43, showing that Brent is oversold. • MACD: Bearish momentum continues, but potential for a bounce from oversold conditions. • Key Observation: The hourly chart shows oversold conditions, and a potential short-term bounce from the $71.40 USD support zone is possible. 30-Min Chart: • Bearish Pennant: A bearish pennant pattern is forming, suggesting a continuation of the downtrend with a target toward $70.70 USD. • RSI: At 38.42, indicating ongoing bearish sentiment, but not yet oversold. • MACD: Bearish, with further downside pressure expected. • Key Observation: Brent Crude may test $70.70 USD if the bearish pennant pattern plays out. Summary: • Overall Sentiment: Brent Crude Oil is in a confirmed downtrend across multiple timeframes. The Head and Shoulders pattern on the monthly chart and the bearish signals on weekly and daily charts suggest further downside risks. • Critical Levels: • Resistance: • $86.30 USD (daily), $110 USD (weekly, Fibonacci 0.764). • Support: • $71.92 USD (daily and weekly), $58.19 USD (monthly). • RSI Levels: Several timeframes indicate oversold conditions, particularly on the 4-hour and hourly charts, which may offer short-term bounce opportunities. Trade Strategy: • Short Setup: • Entry: On a breakdown below $71.92 USD. • Target: $58 USD (based on monthly Fibonacci and H&S pattern). • Stop-Loss: Above $86.30 USD. • Long Setup (Short-Term Bounce): • Entry: On a bounce from $71.40 USD. • Target: $81.57 USD. • Stop-Loss: Below $70 USD. Conclusion: The overall trend remains bearish for Brent Crude Oil, with a possible target of $58 USD in the medium term. However, short-term oversold conditions could offer a bounce towards $81.57 USD before the downtrend continues.
TVC:UKOILShort
by stonaola1