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Brent Crude Oil (UKOIL) Analysis 1M Chart (Monthly): • Head and Shoulders: A potential bearish Head and Shoulders pattern is visible. The left shoulder forms near $94, the head at $110.59, and the right shoulder around $90.15. • Fibonacci Retracement: • 0.764 level at $94.40. • 0.618 level at $84.39. • 0.382 level at $68.20. • Critical support lies near $58.19 (0.236 Fibonacci). • RSI: Around 59.28, indicating a slightly bullish to neutral trend. • MACD: Bearish momentum is building, suggesting a potential downside. • Key Observation: A break below the $71.92 support level could confirm the bearish head-and-shoulders pattern, with a potential target towards $42 USD (projected target from the pattern breakdown). 1W Chart (Weekly): • Fibonacci Levels: The key support levels on the weekly chart: • Resistance: • $110.19 (0.764). • $97.18 (0.5 Fibonacci). • Support: • $84.16 (0.236 Fibonacci). • $72.52 is a critical level as it’s the immediate support zone. • RSI: Around 43.09, entering bearish territory. • Stochastic Oscillator: Bearish, suggesting continued selling pressure. • Key Observation: The weekly chart suggests a strong downward momentum. If $72.52 breaks, Brent could head to $58 USD (0.236 Fibonacci on monthly). 1D Chart (Daily): • Price Action: Brent Crude is facing immediate resistance at $86.30 USD (0.764 Fibonacci), with support at $81.57 USD and $71.92 USD. • RSI: At 37.86, indicating the asset is approaching oversold conditions. • MACD: Bearish momentum continues to dominate, with further downside pressure expected. • Stochastic Oscillator: Bearish crossover suggests potential further downside in the near term. • Key Observation: There is a target towards $71.92, with additional downside possible if it breaks below this level. 4H Chart (4-Hour): • Price Action: Brent is testing support at $71.10, with immediate resistance at $81.31 USD (0.764 Fibonacci retracement). • RSI: At 29.00, signaling that the asset is highly oversold in the short term. • MACD: Shows bearish momentum, but a possible reversal could occur due to the oversold conditions. • Key Observation: The price is at a crucial support level. A bounce from $71.10 USD is possible, but if it breaks below this, it may head toward the next support zone around $67 USD. 1H Chart (Hourly): • Price Action: Brent is currently facing resistance near $80.10 USD (0.236 Fibonacci) and is sitting near support at $71.40 USD. • RSI: At 30.43, showing that Brent is oversold. • MACD: Bearish momentum continues, but potential for a bounce from oversold conditions. • Key Observation: The hourly chart shows oversold conditions, and a potential short-term bounce from the $71.40 USD support zone is possible. 30-Min Chart: • Bearish Pennant: A bearish pennant pattern is forming, suggesting a continuation of the downtrend with a target toward $70.70 USD. • RSI: At 38.42, indicating ongoing bearish sentiment, but not yet oversold. • MACD: Bearish, with further downside pressure expected. • Key Observation: Brent Crude may test $70.70 USD if the bearish pennant pattern plays out. Summary: • Overall Sentiment: Brent Crude Oil is in a confirmed downtrend across multiple timeframes. The Head and Shoulders pattern on the monthly chart and the bearish signals on weekly and daily charts suggest further downside risks. • Critical Levels: • Resistance: • $86.30 USD (daily), $110 USD (weekly, Fibonacci 0.764). • Support: • $71.92 USD (daily and weekly), $58.19 USD (monthly). • RSI Levels: Several timeframes indicate oversold conditions, particularly on the 4-hour and hourly charts, which may offer short-term bounce opportunities. Trade Strategy: • Short Setup: • Entry: On a breakdown below $71.92 USD. • Target: $58 USD (based on monthly Fibonacci and H&S pattern). • Stop-Loss: Above $86.30 USD. • Long Setup (Short-Term Bounce): • Entry: On a bounce from $71.40 USD. • Target: $81.57 USD. • Stop-Loss: Below $70 USD. Conclusion: The overall trend remains bearish for Brent Crude Oil, with a possible target of $58 USD in the medium term. However, short-term oversold conditions could offer a bounce towards $81.57 USD before the downtrend continues.
TVC:UKOILShort
by stonaola1
Crude OIL $UKOIL Classic patternI've seen this pattern many times over the last 5 years on different instruments, and its working out to over 50% The essence of this pattern is a classic triangle with horizontal support, most of the participants realize that we will break down, but not everyone believes that we will take liquidity off the top before going down. An instrument like oil is quite trivial and it can fall without taking liquidity off the top. But I want to share a few examples of my theory working out, where the upper resistance line is broken before the drop-down Best regards EXCAVO
FX:UKOIL
by EXCAVO
6
Probably safe to trade the bounce hereOil has come under pressure over the last few months but has now traded down to just above a rather significant support level. The $71.71 level (give or take) has been rather significant since early 2020 when it was resistance. Since then, it has turned into support, and now Brent has come down to test it as support once more. Our thinking is that it would be a safe trade to go long for the bounce here. At the very least we will know quickly that we are wrong if the support level fails. At best, we can get a great entry to trade Brent back up to around $90.
VELOCITY:BRENT
by Herenya
A clear support at the level 72.5 the next level will be 66 As the diagram shows the Brent is under pressure despite all the other factors that it usually effect and support the bull market , the market choose to ignore those signals (like geopolitical factors, and production shortage ,,,, etc.) my opinion that behind scene there are bigger news not yet to be reviled. In more possibale scenario is Brent will find resistance on 75.20 or less but in case it pass the 76.00 level we are going to see 78 or even 79.
ACTIVTRADES:BRENT
by ref3at30
1
Brent Crude Oil Price Hits Yearly LowBrent Crude Oil Price Hits Yearly Low Analyzing the oil market on the XBR/USD chart from August 26, when Brent crude was trading around $79 per barrel, we observed the following: → The price was forming a descending channel (shown in red) and approaching its upper boundary, which could act as resistance. → We identified a key support level (shown in yellow). → We suggested that the bulls would need to prove their determination when facing a block of resistance around the $80 level. Since then, Brent crude oil has: → Reversed downward, failing to hold above the $80 level, and continued to decline within the red channel. → Accelerated its decline, breaking through the key support around the $75 level. Bearish sentiment was fueled by OPEC+ plans to increase oil production, signaling a shift away from production cuts aimed at maintaining higher prices. Could Brent Crude Oil Continue to Decline? From a technical analysis perspective, the XBR/USD chart today indicates that supply forces are asserting their dominance, as the price has fallen into the lower half of the red channel, with the RSI indicator entering oversold territory. After a roughly 10% decline in Brent crude oil prices since last Monday, the prospect of an interim upward correction seems plausible. However, given the above, a significant resistance block appears to be around the $74.50 area, where: → The median line of the red channel is located. → The yellow line, which served as support for several months, is likely to act as resistance after being breached. In the worst-case scenario, Brent crude oil could drop to the lower boundary of the channel, approaching the psychological level of $70. 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
1
BRENT OIL Rebounds#trading_idea #Crude_Oil_Brent 💡 🛢 Pay Attention To Oil - Big Fall - Looking for an Opportunities Oil drops more than 3% after a media report of a potential end to the Libya dispute. On the 4H chart, the price has fallen to the lows of December 2023. Despite the fact that the MA(20) and MA(100) remain well above, and the Bulls & Bears indicator shows weakness in the bulls, a rebound is possible. The stochastic may be coming out of the oversold zone. Weak manufacturing data from China has strengthened the bears on oil, but it is unlikely that this asset will stay at such low prices for long. 🔼If the price rebounds from the support 73.10, a rise towards resistance 74.97 is possible. 🔽Alternatively, the break down the support 73.10 and slide to 72.80 is likely. 🔷 😎 Choose "👍" if you expect a price rebouns and "👎" if you expect a decline. ➡️GET $20,000 JUST FOR $99
CFI:BRENTLong
by sabiotrade
Overall Bias: Bearish with the potential for a breakdown.Instrument: Brent Crude Oil (UKOIL) Current Price: $73.66 Overall Bias: Bearish with the potential for a breakdown. Key Observations: 1. 12-Month Chart: • Pattern: The chart is forming a Head and Shoulders pattern, which is a classic reversal pattern suggesting a potential significant downturn. • Neckline: The neckline is around the $73.67 level, which is where the current price is hovering. • Target: The measured move from the head and shoulders suggests a potential decline towards $42.00 if the neckline breaks convincingly. • Fibonacci Levels: The 0.236 Fibonacci retracement at $68.20 is the immediate support, with more substantial support around $58.19. • Resistance Levels: Resistance levels are at $84.00 (0.5 Fibonacci retracement) and $94.40 (0.764 Fibonacci retracement). • RSI: The RSI at 59.28 indicates the market is approaching neutral but with a slight bearish bias. 2. 1-Month Chart: • Price Action: The monthly chart shows a downward trajectory after failing to hold above $135.00, with the current price around $73.67. • Support Levels: Immediate support is at $56.42, corresponding with prior lows. • Resistance Levels: Key resistance is at $135.00. • RSI: RSI at 53.66 is neutral but leaning towards bearish territory, with the market potentially heading lower. 3. 1-Week Chart: • Price Action: The weekly chart also reflects a bearish outlook, with a key failure to maintain levels above $121.83. • Support Levels: Key support is around $84.16 (0.236 Fibonacci retracement). • Resistance Levels: The $102.99 level (0.618 Fibonacci retracement) is a critical resistance zone. • RSI: The RSI at 45.51 suggests bearish momentum is gaining strength. • MACD: The MACD shows bearish crossover, signaling the potential for further downside. 4. 1-Day Chart: • Price Action: The daily chart reveals consistent downward pressure with the price breaking below $86.67, now testing the $73.66 level. • Support Levels: $73.66 is the immediate support; if broken, the price could head towards $71.10. • Resistance Levels: Resistance levels are at $82.54 and $86.67. • RSI: The RSI at 44.63 is bearish, indicating continued selling pressure. • MACD: The MACD is showing a bearish crossover, with no signs of reversal yet. 5. 4-Hour Chart: • Price Action: The 4-hour chart shows a clear downtrend with multiple failed attempts to reclaim higher levels. • Support Levels: Immediate support is at $71.10, with potential further downside. • Resistance Levels: Resistance at $79.39 and $86.67. • RSI: RSI at 34.85 is approaching oversold territory, suggesting that while bearish momentum is strong, a temporary bounce could occur. • Volume: Volume indicates increasing selling pressure, which supports the bearish case. 6. 1-Hour Chart: • Price Action: The hourly chart indicates aggressive selling pressure, with the price failing to hold above $91.79 and falling towards $73.66. • Support Levels: Key support is at $73.60. • Resistance Levels: Immediate resistance at $79.39. • RSI: RSI at 24.28 indicates that the market is oversold, so a short-term bounce could be expected, but the overall trend remains bearish. • MACD: The MACD is deep into bearish territory, confirming the downward momentum. 7. 30-Minute Chart: • Price Action: The 30-minute chart shows a steep decline, with no significant support levels being held. • Support Levels: The $73.80 level is being tested as a key support. • Resistance Levels: Resistance at $78.28 and $82.67. • RSI: RSI at 26.86 is deeply oversold, indicating a potential for a brief relief rally, but the larger trend remains bearish. • MACD: The MACD is in strong bearish territory, reinforcing the likelihood of continued downside pressure. Strategy Recommendation: Primary Bias: Bearish • Short Entry: Consider shorting if the price breaks and holds below $73.60 with a target towards $71.10 and potentially lower to $68.20. • Take-Profit Levels: • First Target: $71.10 (immediate support). • Second Target: $68.20 (0.236 Fibonacci retracement level on the 12M chart). • Third Target: $61.73 (longer-term support). • Stop-Loss: Place a stop-loss above $79.39 to protect against a bullish reversal. Alternative Scenario: • Long Play: If the market holds above $73.66 and shows signs of strength, consider a speculative long with a target of $82.67. • Long Entry: Enter above $78.28 with a stop-loss below $73.60. • Profit Target: $82.67, with a stretch target at $86.67 if bullish momentum resumes. Risk Management: • Position Sizing: Use conservative position sizing due to the high volatility in oil prices, risking no more than 0.5% to 1% of capital per trade. • Adjust Stops: Consider using a trailing stop to lock in profits as the trade moves in favor. Conclusion: The Brent Crude Oil market is showing significant bearish signals across multiple timeframes, particularly with the Head and Shoulders pattern on the 12-month chart. Short positions are favored, especially if the price breaks below the critical support at $73.60. However, traders should be aware of the potential for a short-term bounce due to oversold conditions on lower timeframes. Conservative risk management and close monitoring of price action are crucial in this volatile market environment.
TVC:UKOIL
by stonaola1
2
Global Oil Analysis by the Mallicast Team:Following the recent decline and negative price movements in the global oil market, the price of oil has approached a key liquidity zone. The Mallicast analytical team, through careful examination of price charts and market behavior, has concluded that this area could act as a significant support level and potentially correct the current downward trend. As the price reaches this liquidity zone, there is a likelihood of a rebound, especially if both fundamental and technical factors support this recovery. Investors should pay closer attention to the upcoming market movements, as any changes in market conditions could provide new opportunities for entering trades or adjusting trading strategies.
FX:UKOILSPOTLong
by mallicast
BRENT Crude Oil Bullish robbery PlanMy Dear Robbers / Money Makers & Newbies, This is our master plan to Heist BRENT Crude Oil based on Thief Trading style Technical Analysis.. kindly please follow the plan I have mentioned in the chart focus on Long entry. Our target is Red Zone that is High risk Dangerous level, market is overbought / Consolidation / Trend Reversal at the level Bearish Robbers / Traders gain the strength. Be safe and be careful and Be rich. Note: If you've got a lot of money you can get out right away otherwise you can join with a swing trade robbers and continue the heist plan, Use Trailing SL to protect our money. Entry : Can be taken Anywhere, What I suggest you to Place Buy Limit Orders in 15mins Timeframe Recent / Nearest Swing Low Stop Loss : Recent Swing Low using 2h timeframe Warning : Fundamental Analysis comes against our robbery plan. our plan will be ruined smash the Stop Loss. Don't Enter the market at the news update. Loot and escape on the target 🎯 Swing Traders Plz Book the partial sum of money and wait for next breakout of dynamic level / Order block, Once it is cleared we can continue our heist plan to next new target. Support our Robbery plan we can easily make money & take money 💰💵 Follow, Like & Share with your friends and Lovers. Make our Robbery Team Very Strong Join Ur hands with US. Loot Everything in this market everyday make money easily with Thief Trading Style.
BLACKBULL:BRENTLong
by Thief_Trader
BRENT CRUDE OIL (BCOUSD) POTENTIAL LONG OPPORTUNITYHey everyone hope you are doing AMAZING! Just wanted to get on here and do a simple post on an potential opportunity I see with brent crude oil! Buckle your seatbelts and let's dive in! OK so first off higher timeframe. Like I'm talking monthly(s) & weekly you can see that price has kind of been in this wedge patter getting squeezed for the last like little over a year! So this has held price for a long time which is definitely significant and probably going to indicate at some point soon market sentiment (supply or demand) extreme will form to either push price up into monthly historical supply levels or down into monthly historical demand levels...EITHER WAY...I am in the next couple of weeks (2-3 most likely) expecting a push to the upside. FIRST THING that gives me this conviction is the reaction off of the bullish trendline within this weekly/monthly wedge pattern. SECOND THING is the fact that on the weekly timeframe price left a large wick to upside showing me that it may come fill that price. THIRD THING is that price is pulling into a newly formed daily/4H demand and going to watch the momentum(interest) of the sellers bringing it into the level. We obviously want to see weak sellers if we are ultimately looking to buy and would really like to see that strong response from the buyer as well once it comes into that zone! OK so I think this is the extent of how much I want to break this down hope you guys got some value in this if you did please boost the post and follow my page for more accurate and insightful breakdowns!! Cheers!
OANDA:BCOUSDLong
by JosePips
Brent Rises Today on Middle East Supply FearsToday, Brent crude oil prices rise on growing supply concerns in the Middle East, especially in Libya and Iraq. Brent futures for October delivery are up 0.5%, trading at $80.33 per barrel, while the November contract is up 0.4% at $79.16. The chart shows the current checkpoint (POC) around $83, with the RSI at 50.03%, signaling balance and possible moves towards the mid-range soon. The upward pressure on Brent is due to the significant reduction in production in Libya, where more than half of its capacity is out of service due to political conflicts, with losses of up to 1 million barrels per day. Iraq also plans to reduce its production after exceeding its OPEC+ quota. However, despite these rises, Brent is still on track to close August with its second consecutive monthly decline, affected by weak global demand, especially in China. It would not be strange to see the price stagger towards the current support zone of $71.47 if demand does not follow through heading into the fall. Ion Jauregui - Analyst ActivTrades. ******************************************************************************************* 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
Volume Profile Part 3: Pockets of Hot AirWelcome to the final part of our three-part series on Volume Profile Analysis. In the previous segments, we covered the essentials of Volume Profile and techniques for uncovering hidden market levels. In this final instalment, we’ll explore how to trade breakouts using the concept of pockets of hot air—areas where the market moves efficiently from one high-volume zone to another. The Concept of Pockets of Hot Air The idea behind pockets of hot air is rooted in market efficiency. An efficient market continually seeks equilibrium by moving price to levels with the highest trading activity. Essentially, the market will travel from one area of high participation to another, bypassing lower-volume regions where price acceptance is less established. Pockets of hot air refer to the price spaces between these high-volume zones where the market has not yet formed strong consensus. These areas can act as rapid transit zones where prices move quickly as the market transitions from one high-volume area to the next. By identifying and trading these transitions, traders can capitalise on swift price movements. Technique: Trading Breakouts Between High-Volume Zones Step 1: Map High-Volume Areas with the SVP HD Indicator • Apply the SVP HD Indicator: Start by applying the Session Volume Profile High Definition (SVP HD) indicator to an hourly candle chart. This indicator will help you identify high-volume areas by showing the concentration of trading activity within each trading session. • Identify High-Volume Zones: Observe where multiple Points of Control (POCs) cluster across various sessions. These clusters indicate areas with high trading volume and are your high-volume zones. Brent Crude with SVP HD Indicator Hourly Candle Chart Past performance is not a reliable indicator of future results Step 2: Look to Trade Breakouts Backed by Technical Catalysts • Remove SVP HD for Clarity: To focus on trading opportunities, remove the SVP HD indicator from your chart. This will help you better visualize price action and technical patterns without the clutter of volume data. • Identify Breakout Patterns: Look for technical patterns that signal a breakout, such as a symmetrical triangle in the example below. Brent Crude Hourly Candle Chart: Triangle Consolidation Pattern Within High Volume Zone Past performance is not a reliable indicator of future results Step 3: Trade the Breakout • Entry: Trade the Breakout: Enter your trade when the price breaks out of the pattern and moves towards the next high-volume zone. This approach leverages the market’s tendency to move efficiently between high-volume areas. • Set an Initial Stop Loss: For risk management, place an initial stop loss below the lows of the current high-volume zone. This protects your trade in case the market reverses before reaching the next high-volume zone. Brent Crude Hourly Candle Chart: Triangle Breakout Past performance is not a reliable indicator of future results Brent Crude Hourly Candle Chart: Target Hit Past performance is not a reliable indicator of future results Conclusion We hope our mini-series on Volume Profile Analysis has sparked new ideas and insights for your trading strategies. By focusing on the distribution of trading volume at different price levels, Volume Profile Analysis allows you to see beyond traditional price action, identifying hidden support and resistance levels that aren’t immediately obvious. Mapping high-volume zones using indicators like SVP HD and VRVP can help uncover key market areas where significant trading activity occurs. Understanding how markets move efficiently between these zones offers valuable breakout opportunities, especially when supported by technical catalysts. By incorporating these methods into your trading routine, you can improve your decision-making, anticipate market moves more accurately, and manage risk effectively. Thank you for joining us on this journey through Volume Profile Analysis—here’s to more informed and successful trading! Disclaimer: This is for information and learning purposes only. The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. Social media channels are not relevant for UK residents. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83.51% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
CAPITALCOM:OIL_BRENT
by Capitalcom