Brent WeeklyDue to the powerful influence that the Brent oil price had on the red cloud
It is expected that this chart can surprise us with another upward movement
BCOUSD trade ideas
NEW IDEA FOR BRNT Brent oil has formed a bullish crab harmonic pattern in the 4-hour timeframe, and the price seems to rise to the 61.8% Fibo area at $86.58.
Weekly Price PredictionProjected Price Range
The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $78.00 (Min) and $84.50 (Max). This projection is based on a combination of technical indicators and historical price action.
Technical Analysis
Fibonacci Retracement Breakout:
Last week witnessed a downside breakout from the 0.5 Fibonacci retracement line. Despite this, the decline has not been rapid, suggesting a potential stabilisation and support in the current price region.
Volume Profile Analysis:
Utilising a Fixed Range Volume Profile from the trough at the end of June to the peak at the end of September provides crucial insights.
Point of Control (POC): Identified at $84.50, indicating a level of potential future resistance and good liquidity.
High Volume Nodes (HVM):
Bottom HVM: Signifying an area of good liquidity and a potential support region, preventing a rapid decline from the 0.5 Fibonacci breakout.
Upper HVM: Acting as both a resistance level and a zone where the price has historically stalled after the first peak.
Low Volume Node (LVM): Reflects a lack of liquidity, leading to rapid price movements. Notable price fluctuations occurred between October and November in this region, ranging from $91.00 to $87.00 and back up to $90.00.
MACD and Stochastic RSI:
The MACD at the top of the chart is displaying a potential crossover, suggesting upward movement. Similarly, the Stochastic RSI at the bottom of the chart is showing signs of a bullish crossover.
Additional Factors
Prior Support/Resistance (Blue Line):
Just above the Bottom HVM, a blue line represents a prior support/resistance level. This is now a potential resistance level.
Geopolitical Events:
Given the volatile nature of the commodities market, traders are advised to stay vigilant regarding any geopolitical events in the upcoming week, as these events can significantly impact oil prices.
Conclusion
In conclusion, while the current price level has solid support from the Bottom HVM and technical indicators like MACD and Stochastic RSI are signalling potential upward movement, caution is warranted. The presence of the blue resistance line suggests a potential obstacle. Traders should monitor this level closely, and risk management strategies should be implemented. The projected price range is between the Bottom High Volume Node and the Point of Control.
Brent (ICE) (F4) Intraday May fall -3.20 %Pivot: 78.70
Our preference:
short positions below 78.70 with targets at 76.60 & 75.60 in extension.
Alternative scenario:
above 78.70 look for further upside with 79.40 & 80.20 as targets.
Comment:
as long as the resistance at 78.70 is not surpassed, the risk of the break below 76.60 remains high.
QM setup on Brent Oilhello dear traders.
based on our chart, we identified a Quasimodo setup on Daily timeframe of Brent Oil. If price reaches our zone, it is worth considering going long on Brent Oil.
I'll share updates via new publishings in the future.
Cheers.
UK Brent 4H : Under sell pressure UK Brent Oil
New forecast
The price of Brent crude futures rose yesterday and reached 83.80, and found strong resistance there, showing some bearish tendency, waiting to stimulate the price to resume the expected bearish trend for the coming period, noting that crossing the 81.35 level will extend the bearish wave to reach the 80.00 and 78.87 areas.
Therefore the downward scenario will be remain valid and effective supported by moving average 50 that is continue support the price to decline ,taking into account that stability above 83.80 will stop the expected decline and put pressure on the price to rise up.
The expected trading range for today is between support 80.00 and resistance 83.80.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 81.35 , 80.00
resistance line : 83.17 , 83.80
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
oiloil will see the price at $40
this will happen in the coming 6 months or a bit later
down there there is an untouched red ichi cloud as it is shown by the blue arrow
the other blue arrow behind it shows the same type of behaviour in the faraway period of time
BCOUSD#Brent Crude Oil - H1
📣 Considering the chart structure on the 1-hour timeframe, with the breaches of the internal downtrend line in the range of 81.91, there is an expectation of price growth towards the range of 84.00.
⛔ Stop Loss: 80.50
On the other hand, with the breakdown below the 80.50 range, one may consider selling with a target of 78.50.
⛔ Stop Loss: 81.91
Oil Reverse Inverse Cup &HandleOil Reverse Inverse Cup &Handle
1.Price Formation: The price has broken out from a Reverse Inverted Cup & Handle price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a further confirmation of bearish sentiment.
3.200-day Moving Average is above the Price.
4.Thus, Mas 7<21<200
5.Relative Strength Index (RSI): The RSI is < than 50, indicating bearish momentum and potential further downward movement.
6.Price Target: 70
BRENT OIL UK (SHORT-TERM)BRENT OIL
The price can stabilize under the support line which was 80.92
and now about dropping to reach 79.31 and 78.50 will be the next support station
Otherwise, stabilize above 80.98 then will try to do a retest till 82.26 and 83.60
Pivot Pivot: 80.92
Resistance Price: 82.40 & 83.68
support price: 78.50 & 75.50
Brent oil will move between 78.50 and 80.95
LAST IDEA:
Citi Analysts Expect Brent to Reach $73 in 2024Since the beginning of November, the price of Brent oil has decreased by more than 5%. This is due, among other things, to easing concerns about the escalation of the military conflict in the Middle East. According to the latest news:
→ Reuters: Iran does not plan to fight with Israel on the side of Hamas;
→ the UN Security Council adopted a resolution regarding the conflict.
Data on the growth of oil reserves in the United States above expectations also contributed to the price decline. Commercial crude oil inventories rose 4% to 439.4 million barrels from 421.9 million barrels last week, according to the Energy Information Administration. This is the highest inventory level since August.
Technically, the price of Brent oil is in a downtrend (shown by red lines). Moreover:
→ on November 14, the Brent price tested the median line, which acted as resistance;
→ during this test, a bearish engulfing pattern was formed, which confirms the aggressiveness of sellers;
→ USD 81.81 may now serve as immediate resistance while another important level of USD 84.50 appears out of reach – at least in November.
If sellers strengthen their control, it is possible that the price of Brent oil may reach the lower line of the channel and thereby get closer to the forecasts of Citi analysts. In their opinion:
→ the forecast Brent price is USD 73 by the second quarter of 2024;
→ the forecast Brent price at the end of 2024 is at USD 68 per barrel.
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.
Brent (ICE) (F4) Intraday May fall -2.72 %Pivot: 81.80
Our preference:
short positions below 81.80 with targets at 79.50 & 78.30 in extension.
Alternative scenario:
above 81.80 look for further upside with 82.40 & 83.00 as targets.
Comment:
the RSI is bearish and calls for further decline.
UKOIL potential downtrendThere is a possibility that the UKOIL, a trading instrument representing the price of crude oil in the United Kingdom, might experience a downward trend. The recommended take-profit (TP) level is at 77.2, while the suggested stop-loss (SL) level stands at 84.25. However, it's crucial to emphasize that engaging in any financial trading activity carries inherent risks. The TP and SL levels provided are merely speculative and based on an analytical idea or forecast.
The volatility and unpredictability of the commodities market, especially concerning oil prices, are influenced by multifaceted factors such as geopolitical tensions, global demand-supply dynamics, economic indicators, geopolitical events, and unforeseen natural disasters, among others. This inherently complex and dynamic nature of the market renders any predictions subject to change or deviation.
Investors and traders should conduct thorough research, employ risk management strategies, and exercise caution when making financial decisions. It's advisable to consider various sources of information, consult with financial advisors or experts, and assess one's risk tolerance and financial objectives before executing any trade based on speculative forecasts or trading ideas.
Moreover, the terms TP and SL denote the take-profit and stop-loss levels, respectively, indicating the targeted price at which a trader aims to close a position to secure profits or limit potential losses. These levels serve as guiding markers, aiding traders in managing their risk exposure and ensuring disciplined trading practices. Nevertheless, it's essential to remain vigilant and adaptable in response to market fluctuations and unexpected developments that might impact the price movements of UKOIL.
In conclusion, the forecast suggesting a potential downward movement in UKOIL with specified TP and SL levels should be regarded as a trading idea rather than a definitive prediction. Engaging in financial markets demands informed decision-making, risk awareness, and a comprehensive understanding of the intricate dynamics driving commodity prices. Traders are encouraged to exercise prudence, stay updated with market trends, and use analytical tools while acknowledging the inherent uncertainties associated with trading.
UK Brent Oil 4H : Downtrend UK Brent Oil
New forecast
The price of Brent crude futures continued to rise in the past sessions to approach the 83.17 barrier, as the price is testing this support, and therefore, breaking the 81.34 support will activate the negative impact and push the price to resume the downward corrective trend, heading towards visiting the 80.00 and 78.87 areas in the near term.
Therefore, we expect to witness further decline during the coming sessions, supported by the negativity of the technical indicators, taking into account that the consolidation above 83.80 level it will postponed the negative trend and support the price to rise up . so no it possible to retest to 83.17 and the dropping .
The expected trading range for today is between support 80.00 and resistance 83.17.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 80.00 , 78.29
resistance line : 81.35 , 83.17
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Oil Brent - H4Oil Brent
W1 - The formation of a 3-wave structure continues
D1 - The price has reached 161 lvl. 3rd wave, which may mean further movement down to level 200 - 261
H4 - The price is in the correctional 4th wave, you can see the formation of an ascending channel. If the lower trend line is broken or fixed behind it, further sales to the levels of 75.4 can be considered
You can also consider entering from the formation of a double top and further movement to the lower boundary and beyond.
What to expect now?
Expectation of breaking through the level of 82.20 and fixing the lower border from the level of 81.15.
When opening a position, it is best to exit the position from the level of 83.60; if this scenario does not materialize and the price may return to the local range, wait for the lower border of the channel to be broken.
Short
Targets 80.00 - 79.16 - 78.43 - 76.87 - 75.41
Confirmation of ongoing growth within the ascending channelThe creation of a higher ceiling, which has made the formation of a higher floor possible, has now confirmed its upward rotation and we can expect continued growth up to the ceiling of the channel.
Oil trend downOil is having a bad signals for moment... its a sell due to economic reasons.. for moment its neutral to sell side!
Brent crude path to $100The price of Brent crude has now given back all of the gains since the start of the conflict in the Middle East. The 200-day MA price of $82 is the critical price level to watch. A failed break below will be an early sign of another 5-wave impulse high toward $100 pb.
BRENT CRUDE OIL - 1HIf the range of 80.3 units is broken and the price stabilizes below it, the price may fall to the range of 79.8 units, and in case of strength, the range of 78.5 units.
Otherwise, the possibility of price increase up to the range of 82.5 units.
Brent oil prices bounced back Brent oil prices bounced back from the multi-month low touched on Wednesday, hedging just over the $80 per barrel level in early morning trading. Crude prices suffered this week, dropping more than 5% on future demand concerns, as well as lowered perceived supply risks from the Israel and Gaza situation. Inflation data from China, the world’s top oil importer, revealed a disinflationary trend that could be the precursor to a slowdown in economic activity that may lead to reduced energy consumption. At the same time, US crude inventories are growing, reaching the highest level since February. Completing the bearish scenario for crude is the growing sentiment amongst traders that the conflict in Gaza is unlikely to escalate and disrupt the global oil supply.
Ricardo Evangelista – Senior Analyst, ActivTrades
UK Brent Oil 4H : Under sell pressure UK OIL
New forecast
The price of Brent crude futures faced strong negative pressure to break the level of 86.68 and closed the daily candle below it, heading towards achieving an expected decline during the coming sessions, targeting targets at 84.50, and by breaking it, it will reach 83.80 as a main negative station.
Therefore, a bearish bias will be expected for today, supported by the negative pressure formed by the 50 moving average, noting that breaching 87.10 and holding above it will stop the current negative pressure and push the price to recover again.
The expected trading range for today is between support 84.50 and resistance 87.10.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 84.50 , 83.80
resistance line : 87.10 , 88.38
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
UKOil Brent Technical Analysis And Trade IdeaIn this video, we embark on a comprehensive analysis of UKOil, with a specific focus on the prevalent bearish sentiment observed in the 1-month (1M) and 1-week (1W) timeframes. Notably, our charts reveal that Brent has approached a critical support level, a pivotal juncture. Throughout this presentation, we delve into the fundamental tenets of technical analysis, encompassing essential components such as evaluating the current market trend, price dynamics, market structure, and other indispensable aspects of technical analysis. As we progress through the video, we meticulously scrutinize a potential trading opportunity in Brent Oil.
It is imperative to stress that the insights shared in this content are exclusively intended for educational purposes and should not be misconstrued as financial advice. Participating in the foreign exchange market trading carries a significant level of risk. Therefore, it is vital to prudently incorporate robust risk management strategies into your trading plan to navigate these challenges effectively.
