Brent - technical profile.Oil has a good chance of rising to new heights. At the moment, there are only two obstacles - resistance levels 94.30 and 96. Both resistance levels could be critical for long-term growth. Support at the moment is level 92. In general, this existing support and resistance will determine further price behavior.
SPOTBRENT trade ideas
Brent went down to the MaintargetHello Traders, a little Swing for buyers to the Target around 92,5. The right way is DOWNTREND, but we sell all together that Oil ca goes a other way, as we think. Watch at the red LINE and trade the reaction to 89 USD in the Next WAVE. I think in September an October we have in the last 20 Year the TOP from the monthly highest prices. The next way 89 ? Down or 96-98 USD, to the big Short.
Strifor || UKOIL-09/19/2023Preferred direction: SELL
Comment: The last oil trade aimed at a short-term fall (counter-trend movement) successfully closed with a profit. At the moment, a sell setup has also formed, and here most likely the rollback will be deeper. The correction potential lies at the level of 92.50.
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Brent $: abc corrective wave to follow?The price action is at the top of wave 5 out of the Elliott wave analysis.
Furthermore, the overbought classification supports the fact of a temporary correction that might be on the table.
Might we see a correction unfolding back to this 23.6% Fibonacci retracement? This level is around $89.
This level overlaps with the black dotted trendline.
A bullish signals for the Petroleum price action!1:-OPEP+ downgraded the petroleum production
2:-USA Strategic Petroleum Reserves are in ATL and will need a refillment
3:- The global production(discounting the European one, which is in a decline) are in growth phase what indicates a growth of consumption of energy
4:-Elliot Waves Theory indicates also an end of the correction A-B-C
Brent above @$100 might not be a myth !Brent have two recent bottoms 1.June 2023 ($72) and 2. August 2023 ($82.5) and has rallied more than 33% since July. The rally still looks to be continuing without till 496, $98.5 and $100 very soon. Given the strong momentum buildup and supply cuts from OPEC+ has given the oil a due rally which the cartel was expecting since June 2023.
Technically speaking levels of $126 are also on the charts as the commodity is breaking out of a Declining wedge pattern which was in formation from Jul 2022 to Jul 2023 a strong supply side pressure will be giving the commodity due advantage to rise above $100 to $125.65 as we can see.
UKOIL Enters Slippery SlopeUnfortunately my last UKOIL prediction didn’t fair too well but using the science of Elliott Wave I think I’ve been able to identify previous mistakes and also a way forward.
I expect the $90-$91 range to send UKOIL back to $25 over the next 3 years or so. Based on what news? Who knows. We’ll see when it comes but the chart is always the first indicator :)
Strifor || UKOIL-09/15/2023Preferred direction: BUY
Comment: Oil continues its steady strengthening, and the medium-term outlook for instruments is positive. However, now, most likely, the price will go for a correction, and it is expected that the instrument will reach level 92, where the balance for pushing is located. In addition, there is a small probability that the price will reach the level of 90.72, from where the price recently recorded the maximum of the current year on impulse.
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day trade ideaHi I found this level of an refined OB from h4 all the way down to m1that makes convergance with the 25% of the premium wick from h4 and h1. I suggest to look up for the trade on the kill zones. Cause if its outside of it its possible to not see a good movement
blue: h4
green:h1
red: m15
pink: m5
Brent Crude Oil [Update]My comment last night via my research note, Tuesday 12-Sep-2023, 20h59
Brent Crude Oil. We have seen a significant move over the past 9 weeks, with Brent higher from $75 to $92. The short term trend is strong with the commodity recently having cleared resistance of a 9-month base. While the trend is up, traders should are alerted to the momentum indicators which may indicate the price nearing overbought conditions, with the 7-day RSI at 80 and the 14-day RSI at 73. In the short term, the buy/long side reward-to-risk is becoming less appealing vs prior weeks.
(The insert highlights my view on 03 July which was also accompanied by several energy ETFs. Since then, the energy sector has outperformed each of the other 10 major sectors in the S&P).
For more research insights, including trade ideas, get in touch with me today.
Brent - technical profile.There is a new local maximum on the oil chart. And as a result - new technical levels.
Resistance 3 - 92.88
Resistance 2 - 91.94
Resistance 1 - 91.17
Pivot point - 90.23
Support 1 - 89.46
Support 2 - 88.52
Support 3 - 87.75
I still consider level 87 to be the target of the current movement. Due to the fact that changes on the chart have been happening quite rarely lately, something tells me that I will have to be patient.
Brent, Technical AnalysisThe uptrend for Brent (UKOIL) remains clearly active for the moment although consolidation in the next few days seems favourable. ATR is very low around $1.65 and hasn’t picked up from summer’s lull, while the slow stochastic at 91 is in the zone of buying saturation. The upper band of Bollinger Bands (50, 0, 2) might continue to function as a dynamic resistance into next week.
For a new buyer here, finding an entry might be challenging because it’s not clear when a significant retracement might occur or what its extent might be. The 161.8% monthly Fibonacci extension based on 2020’s crash seems to have been broken for now, but waiting for the moving averages to catch up would traditionally be seen as sensible. Buy limits might be an option around the penultimate high slightly above $87.
However, American inflation coming up on Wednesday 13 September at 12.30 GMT is a key release for how it’s likely to drive the dollar. Equally, traders will analyse the IEA’s monthly oil market report due the same day at 8.00 GMT. Finally next week among major releases there’s Chinese industrial production for August early on Friday 15 September at 2.00 GMT.
If that misses the consensus of 4%, there might be some downward pressure and possible opportunities to sell in the short term or find a place to buy looking further ahead. One should also remember the possibility of a gap over the weekend and check regular stock data from the USA.
BRENT OIL ( UK OIL ) LONG term Trade AnalysisHello Traders
In This Chart UK OIL HOURLY Forex Forecast By Forex Planet
today UKOIL analysis 👆
🟢This Chart includes_ (UKOIL market update)
🟢What is The Next Opportunity on UKOIL Market
🟢how to Enter to the Valid Entry With Assurance Profit
This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
Crudeoil/Brent ready for downside move For all trade based on my trade setup -
Risky trades can take trade after crossing 23.6% on either side and safe traders can take trade after 41% We can start buying when our Trailing SL hit at 23.6% with SL of recent low our Target will be 41%, 78.6% , 127.2% 161.8% and 223.6 % , when reversal pattern appears on chart we have to trail our SL if trailing SL hit exit from long trade and initiate sell trade ,
Brent \ Oil - AnalysisOil Brent
MN - The price has broken through the trend line at 87.51, which may indicate the beginning of an upward movement.
W1 - We are observing a retest after the triangular formation and a breakout of the level of 87.51; for the price to move further upward, it is necessary to wait until the price consolidates at this level, which will open up the possibility of moving to the level of 108 - 125
If the price does not fix at the level of 87.51, we can expect a continuation of the downward movement with a target to the 71 price level
What can you expect now?
When moving up, the nearest target is 99.34
When moving down, the nearest target is 81.64
Long
Targets 99.34 - 108.94 - 125.09
Medium term - targets 92.34 - 94.87 - 99.34
Short
Targets 81.64 - 76.52 - 71.27
Medium term - targets 85.40 - 83.79 - 79.81
Brent - I expect quotes to decline in the short term.Based on the fact that over the past two days there have been two unsuccessful attempts to pass level 91 (it is quite possible now there will be a third attempt), I assume that brent oil will be under pressure in the near future. In all likelihood, at the level of 91, large players closed long positions, and in this case, they probably did not even think about overcoming it. As for the decrease, at first I think we will reach 88.17, and then quite likely to 86.
BRENT OIL ( UK OIL ) LONG term Trade AnalysisHello Traders
In This Chart UK OIL HOURLY Forex Forecast By Forex Planet
today UKOIL analysis 👆
🟢This Chart includes_ (UKOIL market update)
🟢What is The Next Opportunity on UKOIL Market
🟢how to Enter to the Valid Entry With Assurance Profit
This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.