SPOTBRENT trade ideas
Weekly Price Prediction: $78.00 (Min) and $87.50 (Max)Projected Price Range
The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $75.62 (Min) and $81.93 (Max).
Contended Price Levels
$81.00 - $78.00 High Volume Node - potential support
$81.73 Resistance Line - potential resistance
$75.62 Support Line - potential support
Technical Analysis
Fibonacci Retracement Breakout:
The price has gone below the 0.5 Fibonacci level. This level is currently just a dollar above the blue resistance line.
Volume Profile Analysis:
High Volume Nodes (HVM):
Bottom HVM: Signifying an area of good liquidity and a potential support region. The price has stalled in this area over the last few weeks. If the price breaks downwards it could carry on.
MACD and Stochastic RSI:
Stoch RSI (Bottom Indicator): It has crossed over at the bottom and now has just about crossed over at the top. Showing overbought pressure and a potential downturn.
MACD (Top Indicator): This indicator has maintained just below the negative region and has refused to move out over the last few weeks. I don't see it going anywhere this week. I believe it will stay and we won't see a bullish signal this week from this indicator.
Additional Factors
Prior Resistance ( Top Blue Line):
Just above the Bottom HVM, a blue line represents a prior resistance level.
The blue line just crosses over the current price bar. Could be a potential resistance area as well.
Prior Support (Bottom Blue Line):
This represents a support level for the price. This may be crucial if broken as the HVM is just above it.
The blue line just crosses over the current price bar. Could be a potential support area as well.
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
To conclude we see the price range being between $75.62 (Min) and $81.93 (Max). This is due to the price staying within the HVM and seeing support with also a support line just below the HVM. However, there is a resistance line just above the HVM as well. These two support and resistance lines make our price range for this week. The Stoch RSI is showing a bearish sentiment so this will be crucial to watch out for. Also, something else which is crucial to watch out for is the blue line that has already crossed the current price bar. This will form new support/resistance. The MACD is effectively null this week.
Brent (ICE) may rise to 76.90 - 77.50Pivot
75.85
Our preference
Long positions above 75.85 with targets at 76.90 & 77.50 in extension.
Alternative scenario
Below 75.85 look for further downside with 75.35 & 75.00 as targets.
Comment
The RSI shows upside momentum.
Supports and resistances
78.20
77.50
76.90
76.54 Last
75.85
75.35
75.00
Number of asterisks represents the strength of support and resistance levels.
Pump and dumpLooking to speculate oil prices to hit the mainstream news causing interest in the OIL prices before investors dump the oil.
Since The Russian oil price cap no longer works (people buying Russian oil for more than $60 a barrel). OPEC will continue trading business as usual no longer putting a cap on oil reducing prices down to actually hit $60 a barrel for general consumers.
Going into 2024 everyone will be in good trading relations
Brent (ICE) may fall to 74.45 - 75.10Daily and weekly charts are also bearish.
Pivot
76.30
Our preference
Short positions below 76.30 with targets at 75.10 & 74.45 in extension.
Alternative scenario
Above 76.30 look for further upside with 76.80 & 77.50 as targets.
Comment
The RSI is bearish and calls for further downside.
Supports and resistances
77.50
76.80
76.30
75.59 Last
75.10
74.45
73.60
Number of asterisks represents the strength of support and resistance levels.
DeGRAM | UKOIL pullback tradeUKOIL is in the bearish trend. It's trading in the descending channel.
Price dropped below the significant level at 80.00 , which creates a confluence zone to short the market.
We anticipate a trend-continuation trade from the resistance and 50% fibo retracement.
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Share your opinion in the comments and support the idea with a like. Thanks for your support!
Brent Oil spot Buy n Sell zones.I love trading Brent oil spot. I have marked Buy n Sell zones. I will try to trade only on these levels.
Target will be at least 300-500 points from zone.
Please like and share.
Thanks.
Brent (ICE) may rise to 76.20 - 76.80Pivot
74.75
Our preference
Long positions above 74.75 with targets at 76.20 & 76.80 in extension.
Alternative scenario
Below 74.75 look for further downside with 74.20 & 73.60 as targets.
Comment
The RSI advocates for further advance.
Supports and resistances
77.50
76.80
76.20
75.57 Last
74.75
74.20
73.60
Number of asterisks represents the strength of support and resistance levels.
Crude Oil , Brent, getting ready for near bullish reversal Crude Oil , Brent, per US dollar , is getting ready for near bullish reversal ,
Go long when you the price failing to break below 76.6 .
So try to trade a divergence , reversal pattern , change of character , first breakout or bullish break of structure and so on
BRENT OIL BULLISHsome bullish hope for me in chart. if it go down to that support box i will open long but my sl is daily close under 68
Diagonal pattern ???Hello there!
I am a big fan of the Elliott Wave Principle, which is very interesting and useful for analyzing the market. I have developed my analytical approach by combining the principle with my personal experience and considering various scenarios that may occur in the market.
Although I want to share my analysis with you, I want to emphasize that I do not provide buy or sell signals. My main intention is to share my unbiased analysis so that you can use it as a guide to make informed decisions.
To build your confidence in my analysis, I always share my previous analysis of the same market so that you can compare and see the progress. All the details of my analysis are clearly labeled, which should make it easy for you to understand.
I hope that my analysis will be helpful in your trading journey and wish you all the best.
Sincerely,
Oil long ideaI have been burnt trying to buy at higher levels so now we are here olny right I try again !!! There a a few things that are giving this set up a more higher probability, and hopefully we there is a push back up. Some fundamental events are also being taken into account when I was forming this idea.
Brent (ICE) may fall to 73.00 - 74.10Pivot
75.70
Our preference
Short positions below 75.70 with targets at 74.10 & 73.00 in extension.
Alternative scenario
Above 75.70 look for further upside with 76.70 & 77.60 as targets.
Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Supports and resistances
77.60
76.70
75.70
74.74 Last
74.10
73.00
72.00
Number of asterisks represents the strength of support and resistance levels.
BRENT CASH Analysis 06/12/2023BRENT CASH Analysis 06/12/2023
The entry, exit and stop loss points are on the chart, please make sure of them and do not risk, this is our analysis and ideas.
Please observe the capital carefully and do not risk more than 1% of your capital
Good luck to everyone
Brent oil prices are flat during early Wednesday tradingBrent oil prices are flat during early Wednesday trading after touching a multi-week low the previous day. Investors remain relatively unmoved by the potential impact that the additional voluntary production cuts agreed by the OPEC+ members will have on the market. Since the last day of November, the price of Brent has dropped more than 6%, showing that the markets’ concerns are tilted towards the demand side, as fears over an economic slowdown gain traction. The recent release of softer-than-expected economic data amplified this sentiment. Still, the downside has been limited by lingering fears of an escalation of the conflict between Israel and Hamas, which could end up disrupting the crucial Middle Eastern supply routes. Against this background, Brent oil prices are likely to continue to find resistance around the 80-dollar level.
Ricardo Evangelista – Senior Analyst, ActivTrades
#Crudeoil #BrentCrude OilAnother Good News to the World.
Any close below 74.60, as per 3Months chart, #Brentoil will fall to minimum 64$, below that 42.12.
Unless these levels are not tested, Brent oil won't make new high or another Bullish Move
Looking for UKOIL to turn now, starting wave 3 (target £100)We've been in a long wave 2 correction for the last couple of months, wave 2 has made a deep retracement, and we're now looking at the start of wave 3
Brent (UK OIL) - H4 - LongThe value area is between 76.5 - 78.5
Be careful about your RISK
The target will be 84$
Brent oil prices hedged up slightly during early Tuesday tradingBrent oil prices hedged up slightly during early Tuesday trading but remain close to the two-week low touched during the previous session. Prices declined on Monday as traders questioned the impact of the additional voluntary production cuts announced by OPEC+ for 2024. With economic activity falling in China and the American economy showing signs of slowing down, the focus of the markets lies on the demand side, with the perspective of a reduction in supply so far failing to lift prices. Still, the downside was capped by simmering tension in the Middle East, with the conflict between Israel and Hamas threatening to escalate following a string of attacks on cargo ships crossing the strategic oil route of the Red Sea.
Ricardo Evangelista – Senior Analyst, ActivTrades
Brent crude- Wait for the bounce! Resistance ConfluenceBrent crude oil looks to have made the 1st leg lower in a new long term downtrend
Trade: Wait for bounce from recent thrust lower to cluster of resistance to go short
