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OIL PRICE IS TOO LOW TO STAY AT THIS LEVEL FOR LONG#COMMODITIES #TRADESETUP 📡🔞 TRADE $BRENT 🔽 LONG (BUY) > 76.20$ ❌ STOP > 75.10$ (1.18%) ✅ T1 > 93.32$ (RR 19.31) ✅ T2 > 119.5 (RR 48.41) ☠️CAUTION !!!! 2 IMPORTANT INFORMATION TO TAKE INTO CONSIDERATION: > THIS IS A MT/LT TRADE. REGARDING THE SETUP. JAC IS DONE AND WE ARE WORKING ON THE EXIT. PIV D (76.47$) MIGHT BE THE KEY. > IF WE REINTEGRATE THE FORK (BACK BELOW 75$). LAST CALL MIGHT BE THE LEFT LQ ZONE (73.30$) > FUNDAMENTALS OPEC+ likely to stick to its guns despite price slump, delegates say www.reuters.com Wo1and, PhD
FX:UKOILLong
by UnknownUnicorn6367453
UKOIL🛢️ macro movesBrent Crude Oil : Multiyear(2015-2022) inverted Head and Shoulders triggered at the beginning of this year. Price broke the major downtrendline and subsequently iH&S neckline at 87 (lime) and then skyrocketed to 138. Now pulling back down to the neckline. We could actually see the backtest of the major downtrendline and dip into the S/R Zone 76-68. This would be great buying opportunity. Price shouldn't get much below right shoulder (65.8), otherwise the setup would be invalidated. Will set SL to 60, Target 157. Check my other stuff in related ideas. Please boost🚀, comment🗣️, follow me✒️, enjoy📺! ⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
TVC:UKOIL
by bizmark
18
Brent: In the Jungle 🌳🌴🎍Wimoweh, wimoweh, wimoweh, wimoweh Wimoweh, wimoweh, wimoweh, wimoweh Wimoweh, wimoweh, wimoweh, wimoweh Wimoweh, wimoweh, wimoweh, wimoweh In the jungle, the mighty jungle The lion sleeps tonight, In the jungle the quiet jungle The lion sleeps tonigh Wee heeheehee…– … – okay, let’s stop here before we won’t be able to get this song out of our heads. We should rather take a look at Brent, which has advanced deep into the dark green jungle between $77.13 and $42.20 and has left the mark at $75.09 behind. We hope, the course has taken a sharp machete along, as we expect it to penetrate the scrub further – ideally until the 61.80%-retracement at $62.71. There, it should complete wave 2 in green and subsequently turn upwards again.
TVC:UKOIL
by MarketIntel
UKOIL - In a Free FallUKOIL is In a Free Fall From mid-November 2022 to mid-March 2023 the price was corrected with a large and daily triangle pattern. As you can see, the price accumulated a bearish volume for about 4 months before the next decisive move. The breakout of the bearish pattern happened this week and the chances are that the price will go even lower. I am waiting for some correction first before the price continues to move lower again to $66 Thank you and Good Luck!
TVC:UKOILShort
by KlejdiCuni
10
Crude could fall even lower without OPEC intervention • Oil prices remain under pressure despite receding banking fears • Major technical breakdown suggests more losses could be on the way • Will the OPEC come to the rescue? After falling by 8% at one point, crude oil prices managed to bounce back from their worst levels on Wednesday along with everything else. The rebound came on the back of news the Swiss National Bank offered a $54 billion lifeline to Credit Suisse. The move has helped calm fears of a financial crisis in Europe. But there wasn’t much immediate follow-through in the markets this morning ahead of the European Central Bank decision. Crude oil also turned lower. Risks, therefore, continue to remain to the downside for oil prices. Oil prices have been weighed down by at least three major factors in recent days: 1) general risk-off sentiment, 2) weaker demand projections for oil and 3) technical selling. Given that prices had been stuck inside a corridor for a long time – since early December to be exact – a major move was going to follow. The fact that we have now had a bearish fundamental trigger – a sharp rise in financial stability risks – to move prices outside of their ranges to the downside, meant that technical traders have also helped to add pressure on prices by selling oil futures short to take advantage of the momentum. The three-month consolidation has been resolved by prices moving and closing below the support level of the sideways channel. This should keep the “sell-the-rallies” trade intact until something changes fundamentally. The impact of very high levels of inflation over the past couple of years has been hurting consumption, while the significant interest rate tightening by central banks have further reduced consumer and business buying power. Indeed, the International Energy Agency is forecasting that global oil supply will “comfortably” exceed demand in the first half of this year. The IEA reported that commercial oil stocks in developed OECD countries hit an 18-month high. Oil prices also remain weighed down by higher-than-expected inventories. The EIA, meanwhile, posted a 1.6-million-barrel rise in US crude stockpiles last week, which was more than forecast. So, all this begs the question: will the OPEC step in to save oil prices again by cutting its production? The balls in their court now, but for now, thanks to the big breakdown, the path of least resistance is clearly to the downside for oil. Granted, we might see an oversold bounce in prices soon. But until something changes fundamentally to create a higher high for oil, we would continue to favour selling into resistance than fading the dips. For Brent, the next potential downside target could be $70.00. Stop-loss orders of many bullish traders would now be resting below Wednesday’s low at $71.36. If they get tripped, which we think is likely, the next stop could well be that $70.00 mark. That’s not to say oil cannot go much lower than that. But that’s our main downside target in the short-term outlook. On the upside, key resistance is seen between 75.00 to 76.60, an area which was previously support. Bullish traders will want to see oil go back above this area to regain control again. -- Written by Fawad Razaqzada, Market Analyst Follow Fawad on Twitter @Trader_F_R
FOREXCOM:UKOILShort
by FOREXcom
ukoil 8h chart broke down 15% correction warningUKOIL 8hour chart review/outlook. Broke key s/r recently so expecting weakness next 4-8 weeks. Previously compression intro triangle pattern and sequence of higher lows was invalidated recently with break of 83.50 USD. sequence of higher lows at 76.50 and 79.85, but broke down with recent sell side pressure mounting due to US banking crisis. Based on measured move price projection bears will target 69.50 USD, so this is a 15% correction off the base of the triangle patter setup. Recommended strategy: short sell rips/rallies and exit final TP at 69.50 on sell side. 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
TVC:UKOILShort
by ProjectSyndicate
20