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Brent Crude (Spot)

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SPOTBRENT trade ideas

Brent D1 swing trade bulls 35% buy/hold setup🔸Today let's review the daily chart for brent oil . Noteworthy bounce in progress after accumulation near lows, speculative XABCD setup in progress. 🔸XABCD is defined by point X at 97.45, point A at 73.70, point B at 93.85, point C (confirmed) at 76.85, point D in progress at 105.30. speculative trade setup with advanced entry reversal at point C. 🔸Recommended strategy for BULLS: buy/hold near market, or buy dips near point C, TP bulls is point D at 105.30, 35% gains potential (unleveraged). swing trade setup, patience required. good luck, traders! 🎁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:UKOILLong
by ProjectSyndicate
1
OPEC Forecasts an Increase in Oil Demand in 2024OPEC Forecasts an Increase in Oil Demand in 2024 Yesterday, the monthly oil market review was published: → OPEC expects global oil demand to increase by 2.25 million barrels per day (b/d) in 2024, representing a 2.2% increase compared to 2023. → In 2025, OPEC predicts a demand increase of 1.85 million barrels per day, reaching 106.21 million barrels per day. It is anticipated that the growth in oil consumption in 2025 will be driven by China, the Middle East, and India. This aligns with Occidental Petroleum's perspective, where they anticipate a global oil shortage starting in 2025, as the pace of global oil demand growth is roughly four times higher than the volumes of new reserves. However, according to Citi analysts, the price of Brent crude oil in 2025 is expected to be $60 per barrel due to oversupply. As of today, the price of Brent crude oil is fluctuating in the consolidation zone around $77 per barrel. Market participants are closely monitoring the potential for an increase in the Brent oil price due to geopolitical tensions. For instance, Maersk has reported that escalation in the Red Sea and the Gulf of Aden will lead to disruptions in global logistics. The Brent crude oil price chart indicates that → the new consolidation zone is lower than the previous one when the Brent price hovered around $81. → the price is near the crucial level of $73, which provided market support in 2023. At that time, OPEC+ countries announced a production cut to prevent further price decline. It is possible that they will take similar measures in 2024. → the rapid recovery of the price from December lows indicates the strength of demand for Brent oil below $74. Given the provided information, if the Brent price falls below $74, it may lead to its subsequent increase. 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
3
⚡️Strifor || BRENT-18/01/2024Preferred direction: SELL Comment: Sell-deal by oil is also relevant. Recent events in the OPEC arena did not have a positive impact on oil, and the decline continued. At the moment, the transaction has been moved to breakeven, and part of the profit has been fixed. However, on Thursday, there is a good opportunity to take a closer look at short-term short. The main trigger for this will be the continued formation of balance. The target for the fall of such a short-term deal coincides with the medium-term deal at the level of 72.36 . It should be noted that the instrument continues to trade near the minimum of last year, which is very dangerous for buyers since today, most likely, the long-term trend will be directed exactly below this threshold of last year. Thank you for like and share your views!
TVC:UKOILShort
by Viktor_strifor_analyst
1
⚡️Strifor || BRENT-11/01/2024Preferred direction: Neutral Comment: There is no particularly interesting situation in the medium term for oil yet, but we can say that there are still more signs of sell. After all, the instrument is in a downward global trend. The current accumulation after a small downward impulse is filled with purchases (long-orders), that is, there is a resource for moving down. As a target, we can consider the support level of 72.36, which is the minimum of the previous year. Regarding the longer term, most likely we will see updates to this low in 2023, and then an attempt to recover above this level. Thank you for like and share your views!
TVC:UKOIL
by Viktor_strifor_analyst
1
Brent - D1Brent D1 - Update* After breaking through the trend line, the price was unable to gain a foothold behind the line, which may lead to further downward movement when the lower line is broken. For shopping, nothing changes dramatically. Globally, the levels that the price can reach are 92.04 If a downward movement is realized, the levels can be considered at a price of 63.36 What can you expect? Long - You can consider entering from the current levels of ~79.21 or wait for the price to fix behind the trend line and then consider entering. Cancel if the price breaks the minimum - 75.34, if you are considering the entry from W1 and the formation of a 3-wave structure, the stop can be set at the minimum of the 1st wave at the level of 72.00 Short - When the level of 75.43 is broken, you can consider selling or wait for the price to fix behind the trend line and then consider entering. Cancel if the price breaks the minimum - 79.33 Long Target 81.41 - 82.78 - 85.51 - 87.98 - 92.04 Short Target 72.36 - 70.61 - 66.79 - 63.36
TVC:UKOIL
by Trade_Hive_Signals