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Brent Forecast 9/8/2024Hi All, Today is Friday, normally not expecting a big move from oil, however we do have some target prices ready and prepared for a move. Since the overall price action is bullish, we expect target prices 79.2 and 79.6 to be hit today or next week when it breaks above the resistance line. When the buy volume is not there, we can expect a retracement when it can break the orange support line to 78.1 and lower when there is strong volume. Have an enjoyable weekend!
BLACKBULL:BRENTLong
by SuperAbu
Crude Oil Rises: Middle East Tensions and Falling US InventoriesOil prices have risen for the third consecutive day, driven by rising tensions in the Middle East and a significant decline in U.S. crude inventories. Brent crude rose to $78.39 per barrel, while West Texas Intermediate settled at $75.39. Concerns intensified after the assassination of militant leaders in the Middle East, generating speculation about possible retaliation that could disrupt oil supplies. In Libya, the declaration of force majeure at the Sharara oil field due to protests has added pressure to the market. In the U.S., crude inventories fell by 3.7 million barrels, well above expectations, indicating strong underlying demand. Analysts at ANZ and Citi suggest Brent could range between $80 and $85, driven by geopolitical and climate risks, and a cautious investor stance. On the Brent chart, the most traded zone is between $84.10 and $80.88. After a double indecision at the beginning of the week, a price rally was seen yesterday. Today, the market may show signs of a return to the mean. The RSI, still in the oversold zone at 39.50%, and the POC at $82 suggest possible moves toward the mean, with a high zone at $95 and a low zone at $71.47. Ion Jauregui - ActivTrades Analyst ******************************************************************************************* The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication. All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
ACTIVTRADES:BRENTLong
by ActivTrades
The oil price is probably facing a very sharp fall very soon.Hi all, This chart for the oil price (Brent Spot) speaks for itself, so there is probably no need to write much more here. It is worth writing here that it looks very bearish for the oil price going forward now, and as this chart for Brent Spot looks here. Everything is connected, and the stock markets have fallen sharply on fears of a recession, and the price of oil will be hit hard if it turns out to be a recession. So, as always, it will be very exciting to follow the development going forward for both the stock exchanges worldwide, the oil price, etc.
VELOCITY:BRENTShort
by StockCharts365
2
Brent Crude Oil Prices Form Inverse H&S PatternTensions in the Middle East continue to escalate, and Brent crude oil prices appear to be forming an inverse head and shoulders pattern. For this bullish pattern to activate, the price needs to break above $81.69. If this level is breached, the pattern suggests a potential 4.69% gain, with prices possibly reaching $85.54. However, it's still early to determine the optimal placement for a stop-loss order, as the pattern may take some time to fully develop. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
THINKMARKETS:BRENT
by ThinkMarkets
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis The price of B1 may begin to form a rebound from the border of the triangle, which may indicate the beginning of growth, globally to the update levels of the upper border, if we consider the level from which the price gave a rebound, we can reach 85.935. If we consider H4, we can wait for the formation of a 3-wave structure to continue the upward movement. To cancel, it is better to consider fixing it outside the border or breaking it, since the fall may continue. Target 81.76 - 85.935
FX:UKOILLong
by Trade-U-Metta
Weekly Market Wrap With Gary Thomson: 22 - 26 JulyWeekly Market Wrap With Gary Thomson: Nasdaq, EUR/USD, USD/CHF, Crude Oil, Alphabet Inc. Shares Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. - Nasdaq Composite: Worst Session since Late 2022 - Market Analysis: EUR/USD Trims Gains While USD/CHF Regains Strength - Brent Crude Oil Price is Declining amid De-escalation in the Middle East - Alphabet Inc. (GOOGL) Shares Decline after Earnings Report Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen. Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions. 🌐 FXOpen official website: www.fxopen.com CFDs are complex instruments and come with a high risk of losing your money.
FXOPEN:XBRUSD
by FXOpen
1
Oil-Brent(UKOIL) | Range Idea | London Session The labels that are used are ment to draft and measure context to the price action involved and contain no rules-engaged notebook + applied-set up indicators, but an anvoiding interference to use other rules-engaged software to enhance in general, regarding to the watchlist and trade plan that is relevant to trade-on # POSITION & Risk Reward | 15 Minutes Time Frame - Measurement on Session * Retracement | 0.5 & 0.618 * Extension | 0.88 & 1 # POSITION & Risk Reward | 1 Hour Time Frame - Measurement on Session * 20 EMA * 1000 EMA * Retracement # TREND | TIME FRAME CONDUCTIVE | 4 Hour Time Frame - Measurement on Session * Retracement * Support & Resistance * Trade Area | Focus & Motion ahead Within a 100K Account Balance the split on Trade & Risk Management = 1/10% - 1/20% margin as an Execution Range, to set up an Order Entry and select a per Trade on Average, to avoid any drawdown hit regarding to Stop Loss & to execute Risk on Management Specifics. Trail Stop efforts are a Focus of Attention to the set up in general when Volatile-Price-Action is involved, mainly because of the usage of an Intraday-Scalp-Position tool on behalf on the Trade Plan in general
CAPITALCOM:OIL_BRENTShort
by jasper16231
Brent Crude Oil Price Is DecliningBrent Crude Oil Price Is Declining Amid De-Escalation in the Middle East On 8th July, we noted that oil prices were forming a large narrowing triangle, originating from 2022-2023, with its upper boundary being a significant resistance point. As shown on the Brent oil price chart (XBR/USD), bulls have since failed to overcome the upper boundary resistance around $87. Subsequently, the price: → turned downwards, breaking the blue upward trend line; → eventually breached the support level at $84, which we highlighted on 8th July; → Formed a descending channel (indicated in red). Bearish sentiment is driven by: → news of increased oil inventories; → reduced tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu stated that an agreement with Hamas on hostage release is "maturing." What’s next? Technical analysis of the Brent oil price chart indicates: → The price is at the lower boundary of the red descending channel, which may provide support. → The accelerated decline since Friday has resulted in a loss of over 4%, potentially prompting bears to take profits. In the short term, a bullish correction to the median line of the red channel is possible. The holiday season, currently in full swing, could also support oil demand. What about the long term? Reuters reports an oil price forecast from Morgan Stanley analysts, according to which, although there is a clear deficit in the oil market, they expect that supply and demand will reach equilibrium by the fourth quarter, and by next year there could be a surplus, resulting in prices for grade oil Brent will fall closer to $70 per barrel. If accurate, this would mean the current narrowing triangle would be broken from the top down. 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