BRENT trade ideas
Is the drop in oil prices over?📊According to the buying pressure in the market, if the range of 85.5 units is broken upwards and the price stabilizes above it, the price may increase to the range of 86.0 units🎯, and in the case of the strength of the range of 88.0 units🎯🎯.
📊Otherwise, the price may decrease to the range of 83.4 units.
Critical Zones for #UKOILThe depicted zones are critical for #UKOIL .The price can react to them and can be entered in long positions. Up to your entry type and risk management set TP/SL. Do not forget that you cannot succeed in this market without proper risk management.07/18/2024
Crude oil rallies sharplyCrude oil has rallied sharply today. Both Brent and WTI have created large bullish engulfing candles on their daily charts. These suggests that more buying could be on the way in the days ahead, as the previous selling pressure has been replaced by buying.
Today’s gains were driven by a sharper-than-expected drawdown in US oil inventories data.
The recovery began earlier in the day after the American Petroleum Institute (API) reported last night that US oil inventories fell sharply, down by 4.44 million barrels for the week ending July 12. The previous week, the API had reported a 1.9 million barrel draw in crude inventories.
These figures were confirmed by official data released today by the Energy Information Administration (EIA). The EIA data showed an even more significant drop in oil stocks than the API data had indicated, with a decline of 4.9 million barrels last week. This unexpected drop partly explains the rally in oil prices today.
By Fawad Razaqzada, market analyst at FOREX.com
oilThis was supposed to be share last week sadly i forgot to publish same usoil same sentiments
the assert is building leg c of correction and we looking to long on a zone
Nice head and shoulder for sellOil in daily chart in the triagle and also in downtrend , also in h1 chart you can see nice head and shoulder in downtrend and you can take sell position with low risk , if you have a new idea please say it
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis
On D1, you can consider a potential retest of the trend line, which can indicate a local trend change. You can consider a 3-wave structure with little risk for a downward movement trade. If this scenario begins to be realized globally, the targets can be considered at the level of 76.73 - 70.10. Entry by market or from levels 84.30. Stop for the 2nd wave.
Target 83.25 - 76.60
Spot _ Brent _ Crude _ Oil _ Under _ Trading _ Venue _ VELOCITYSpot _ Brent _ Crude _ Oil _ Under _ Trading _ Venue _ VELOCITY
Last time I did the Crude was during Feb period when I published a bearish warning with 95% accuracy of the distribution prices.
Lets break down Quarter 3 Distribution prices now!
1st Distribution:
$90.081
$92.393
$92.828
________________
2nd Distribution:
$93.310
$93.846
$94.147
_______________
3rd Distribution:
$95.218
$96.276
$95.367
__________________________
Due to the Bearish double top the following distribution price will move for early Quarter 4, 2024. $100.292
UKO USD SHORTHello everyone, I would like to share my next trade idea to go short on oil, hopefully my idea will be favorable and will result in profit taking between today and tomorrow, greetings.
Brent Crude Oil Price Hits the Highest Level Since 1 MayBrent Crude Oil Price Hits the Highest Level Since 1 May
Analysing the oil price on 19th June, we wrote that:
→ Amidst increasing demand for oil during the holiday season, Goldman Sachs analysts suggested that by the end of summer, the Brent price could rise to $86 per barrel with an upper limit around $90.
→ The price could reach the upper boundary of a narrowing triangle that originated in 2022-2023 – technically, this is a significant resistance level.
As the Brent crude oil price chart (XBR/USD) shows, the price has reached the upper boundary of the triangle since then. How will events unfold from here?
Technical analysis of the Brent crude oil price chart indicates that:
→ The price increase in June has formed an ascending channel (shown in blue);
→ The resistance effect of the upper boundary of the large triangle has led to the A→B movement. The price quickly reached the median line of the blue channel, confirming seller activity above $87 per barrel.
The price decline at the end of last week was influenced not only by technical factors but also by fundamental ones – as Reuters reports, oil prices are falling amidst renewed ceasefire talks and a hostage release deal in the Gaza Strip.
It is possible that the Brent crude oil price could drop to the lower boundary of the blue channel, from where bulls may attempt to resume the upward movement. The following fundamental factors have the potential to support the bulls:
→ The impact of Hurricane Beryl on production and operations in the US. Major ports in Texas have shut down operations and vessel movements as Beryl continues to strengthen approaching the coast near Houston.
→ Breakdown of negotiations and the threat of escalation in the Middle East and other geopolitical factors.
→ Continuation of the holiday season.
Note that the lower boundary of the blue channel is reinforced by the $84 support level. Considering the upper boundary of the triangle, traders have reasons to believe that in July, a consolidation pattern could form on the XBR/USD chart between the $84-$87 levels.
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 - Had EnoughBrent had enough with a triangle to complete B from its correction
seems we're heading to play wave C to complete the correction
92.15 will invalidate the pattern
UKOIL JULY 2024 WEEK 2 OUTLOOK -
Daily - looks great for longs.
Origin - we have opened inside VA. similar to GJ, once price holds above POC, we are good to drop down to trigger TF and look for long entry.
Does oil need price correction?📊In the four-hour time frame, the trend of the price movement is upward, but due to the compression of the price movement and increasing selling pressure, if the upward trend is broken, the price will move downwards and the price stabilizes below the range of 85.5 units, the price may fall to the range of 83.5 units🎯, and in the case of strength, the range of 81.0 units 🎯 🎯 .
📊Otherwise, the possibility of price increase up to the range of 90.0 units.
Elements & Focus of Attention on Brent Oil | London Session - 02Key indicators on Trade Set Up in general;
1. Push Set Up
2. Range Set Up
3. Break & Retest Set Up
Within a 100K Account Balance the split on Trade & Risk Management = 1/10% - 1/20% margin as Excution Range, to set up an Order Entry and select per Trade on Average, to avoid any drawdown hit regarding to Stop Loss & to execute risk on Mangement 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 Intraday Scalp Position Tool on behalf on the Trade Plan in general.
Elements & Focus of Attention on Brent Oil | London Session - 02-07-2024 - Opening Range
# Overall Bias - 4H Time Frame
- Structure Eminent | Impulsive Contraction
# Market Cap - 4H Time Frame
- Confluence Set Up | Session | Time Frame Entry
# Backtest | Trade Mark - 15 Minutes Time Frame
- Bullish & Bearish Order Block
Conclusion | Trade Plan Execution & Risk Management on Demand, specifics are essential like applied;
* Buy Push | Sell Push Set Up
* Trail Stop & Take Profit / aim big(Price action moves slow)
* Directional movement
* High probalility move(High Volume)
Active Session on Relevant Range & Elemented Probabilities;
* Asian(Ranging) - London(Upwards) - NYC(Downwards)
Brent Crude year ahead 2024Interesting pattern here!!, can the world push for a once a year environmental lockdown of a couple of weeks? If they get their way we might just see this pattern plays out.
Do your year ahead analysis to get an idea of possible turning points. We make use of a weekly timeframe to analyze the year ahead, breaking 2024 up in to 4 quarters. From here we move down to lower timeframe for microscopic analysis and trade entries on lower timeframe. Higher timeframe trendline, speedlines, Fibonacci or Pivot Points remain longer in play. To learn more get our website link on our main profile.
Saudi Arabia delivers a major blow to the dollar!Oil prices have shown steady growth from $76 to $85 per barrel of Brent crude (#BRENT) since the beginning of June. This rise is driven by seasonal factors: high consumer activity during the summer driving season, increased demand from the transportation sector, and higher electricity consumption for air conditioning.
However, a more significant development in the oil market is the expiration of the 50-year-old Security Agreement between Saudi Arabia and the USA, signed in 1974, and Riyadh's refusal to renew it.
The agreement facilitated economic cooperation and military needs between the two nations, stabilizing the situation after the crises of the 1970s. The US benefited from oil at favorable prices, while Saudi Arabia gained a technological ally and wealth. Crucially, this agreement mandated that Saudi Arabia sell its oil exclusively for dollars, a restriction that no longer applies. This system greatly strengthened the dollar's position as the dominant global reserve currency by creating worldwide demand for dollars directly tied to oil transactions. Many have called this the "deal of the century."
Abandoning the petrodollar system could, in the long run, weaken the dollar's influence and impact US financial markets, reducing Washington's ability to accumulate national debt and profit from exports. Countries like China, Russia, Iran, and India are increasingly settling trades in their national currencies. By 2023, already 20% of global oil was being purchased without using the dollar. Now, Saudi Arabia can sell oil for any currencies or assets, including the yuan, gold, and even cryptocurrencies, which could significantly boost the value of these assets over time.
FreshForex analysts recommend closely monitoring changes in settlement schemes in the energy markets. Trading instruments like Bitcoin (BTCUSD), Gold (XAUUSD), and the US Dollar to Chinese Yuan (USDCNH) might become very profitable investments in the future .
Invest ahead of the curve!
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis
On D1, after the impulse, the price broke through the previous highs with the 1st wave, which subsequently may indicate a potential correction within 40-50% of the impulse.
On H4, a 3-wave structure is forming as the movement continues. You can limit yourself to a short stop at the level of breaking through the local second wave
To cancel, form the 3rd wave in the opposite direction.
Goals: 82.42 - 81.52 - 80.08
UKOIL shortJust added another one short because the market gived beautiful correction aka discount.
Double ABC pattern, clear scenario and clear target level.
What a symphony.
BUY Brent crude oil for uptrend continuation STOP LOSS : 83.8BUY Brent crude oil for uptrend continuation
STOP LOSS : 83.84
There is a strong trend on the daily time frame and all that have happened in the past days was just consolidation ( or trend pull back before continuation) .....
The daily time frame is showing strength continuation from this level of support and resistance so we are looking for the trend to push forward from here .....
TAKE PROFIT : take profit will be when the trend comes to an end, feel from to send me a direct DM if you have any question about take profit or anything
Remember to risk only what you are comfortable with…….trading with the trend, patient and good risk management is the key to success here
Buy order on Brent triggered 1hr chart bias from previous day is bullish, with price currently sitting on top of a demand zone , and a 76.8 on the Fibonacci retracement which can provide a 1: 3 R:R and a target of 6% only risking 2%.
UKOIL JUNE 2024 WEEK 4 OUTLOOK -
Daily - Interesting gap down to POC on oil this morning. this gap is highly likely to be filled by today itself. (got a 15M zone that needs to be held if it has to fill the gap). anyways, it looks good for longs as long as price holds above this POC.
Origin - decent volume factor in favor of buyers last week. but looks like this will be a no trade week for me as we have POC above and no room to trade between CPR and POC like we did with AUDUSD. so no trading oil for me this week.
Brent Crude Oil Weekly Chart Analysis (June 2024)Price Action:
The current price of Brent Crude Oil is $84.15, with a recent high of $86.04 and a low of $81.81.
The price has shown a recent upward movement, indicating a potential bullish trend as it has increased by 1.59% in the last week.
Volume Analysis:
The volume is 259.537K, which indicates the level of trading activity. The volume does not show a significant spike, suggesting moderate trading interest at the current price levels.
Technical Indicators:
Stochastic RSI:
The Stochastic RSI is at 41.60 (blue line) and 26.77 (orange line), which are relatively low. This suggests that the asset might be in the early stages of a potential uptrend, with room to move higher before becoming overbought.
Relative Strength Index (RSI):
The RSI is at 45.54, which is below the neutral level of 50. This indicates that the market is neither overbought nor oversold, providing a balanced view with a slight bearish bias.
Trend Analysis:
The long-term trend shows a series of higher highs and higher lows from the start of the chart in 2022 until mid-2023. However, from mid-2023, the trend shifted to lower highs and lower lows, indicating a bearish phase.
The recent price movement suggests a possible trend reversal or at least a correction in the bearish trend as the price has started to move upwards.
Support and Resistance Levels:
Support:
Immediate support is around $78.50, which is a recent low.
Resistance:
Immediate resistance is around $86.00, which is the recent high.
Major resistance can be observed at $92.00, where previous price action has shown resistance.
The chart shows a potential shift from a bearish trend to a bullish correction. Traders should watch for a break above the immediate resistance at $86.00 for confirmation of continued upward movement.
The RSI and Stochastic RSI indicate room for further upward movement before entering overbought territory.
Monitoring volume trends for confirmation of sustained buying interest will be crucial for validating any potential bullish reversal.
In summary, while the long-term trend has been bearish, recent price action and technical indicators suggest a potential bullish correction. Traders should look for confirmation above resistance levels and increased volume to support the continuation of the upward movement.
XBR, is starting to BURN "UP"! MASSIVE ascend coming!XBR accumulators is close to winning the battle. The last few days of continued net buying has pushed the price significantly higher with so much gusto and strength.
Price surged a weighty 2.2% last trading day.
On weekly histogram, higher lows has been recorded conveying of a long term trend shift. Pricewise, XBR is moving thinly at the current range -- closer to breaking out the descending trendline. It is now sitting at 5.0 FIB level - a major order block support where most buyers converge.
Based on the recent price action and volume surge expect some significant price growth from the present price range.
Spotted at 78.00
TAYOR
Safeguard capital always.
