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CFDs on Brent Crude Oil

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Brent Oil Price Reaches New December HighFinancial markets are experiencing a traditional decline in trading activity associated with the holiday period. Notable events: → the S&P-500 and NASDAQ-100 stock indices updated their maximum for the year after the holiday Monday, thereby confirming the idea that the decline on Wednesday, September 20, was in the nature of a correction. Santa and his rally do not disappoint. → The dollar index drops to six-month lows due to expectations of an interest rate cut in March 2024. → The price of oil reached a new high in December. The rise in oil prices is caused by geopolitical tensions: → WSJ: Iran-backed militias fire at US bases in the Middle East. → Bloomberg: Continued Houthi attacks on shipping and US strikes on targets in Iraq raise the risk of the war expanding in the Middle East. → Reuters: The war in Gaza will last several months. Concerns about the spread of the conflict are growing. → Barron's: Dispute between Venezuela and Guyana could threaten oil production and higher prices. If military action disrupts the production and supply of oil, this could sharply increase its price. The XBR/USD chart shows that: → the price is still in a downtrend (as shown by the red channel); → moving within the ascending channel (shown in blue) in December, the price has reached the upper limit of the red channel, and is now in a vulnerable position. On the one hand, bears may try to resume the downward trend. On the other hand, if demand forces truly dominate the market, then only a minor pullback from the upper boundary of the red channel can be expected. Note the 77.50 level, which acted as resistance but changed its role after the breakout. Around this level there is a value of 50% of the price increase from the December low. So as long as the price is above 77.50, it is acceptable to assume that the chances of an attempt at a bullish breakout of the red channel will remain high. 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
Frist Wave Diagonal?? Three Waves Corrective!!Hello! I am a big fan of the Elliott wave principle, which I find very interesting and useful for market analysis. I have developed my analytical approach by combining this principle with my personal experience and considering various scenarios that could occur in the market. While I would like to share my analysis with you, please note that I am not providing a buy or sell signal. My primary intention is to share my unbiased analysis so that you can utilize it as a guide to make an informed decision. To build your confidence in my analysis, I always share my previous analysis from 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 is useful to you in your business journey, and I wish you all the best. I am looking forward to hearing from you. Lastly, I would like to mention that like-mindedness and support, comments, and likes are the most important pillars of progress, just like support points in the financial markets. They give me the energy to continue and share more ideas with you. Sincerely
OANDA:BCOUSDShort
by mehdi47abbasi79
Weekly Brent Crude Oil Price Prediction - W/C 11 Dec 2023Projected Price Range The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $73.46 (Min) and $81.51 (Max). Contended Price Levels $78.10 - $81.60 High Volume Node & Resistance line - potential resistance $76.00 Resistance Line - potential resistance $73.46 Support Line - potential support Technical Analysis Fibonacci Retracement Breakout: The price is still below the 0.5 level with a resistance line and a HVN just below the breaking point of the 0.5 level. This will be a strong resistance level. Volume Profile Analysis: High Volume Nodes (HVM): Bottom HVM: Signifying an area of good liquidity and a potential resistance region. The price has stalled in this area over the last few weeks. MACD and Stochastic RSI: Stoch RSI (Bottom Indicator): The indicator crossed over last week at the overbought level and hence the price decreased. But now it is in the oversold level and this could be a good sign. 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 for the next few weeks in the same range and may just provide a bullish signal for the short term. Additional Factors Prior Resistance ( Top Blue Line): Just above the Bottom HVM, a blue line represents a prior resistance level. The blue line that is diagonal across the price is a potential resistance line. Prior Support (Bottom Blue Line): There are two support lines just near the current price. Last week the price went near this support zone and found support and didn’t fall through. Both these two blue lines are prior support levels. The bottom support line is extended from the black box you can see on the chart from a prior chart pattern. These will be crucial levels of support and levels to watch if the price breaks though. 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 Based on the projected price range and the various technical indicators and analyses, the outlook for Brent Crude Oil appears to be finely balanced. The delineated price levels, including resistance at $78.10-$81.60 and support at $73.46, suggest a narrow range of potential movement. Technical analyses, such as Fibonacci retracement breakout and volume profile analysis, highlight the significance of specific levels, indicating potential resistance and support zones. The MACD and Stochastic RSI indicators imply a nuanced market sentiment, with the Stoch RSI currently in the oversold region and the MACD signalling a potential short-term bullish trend. The presence of prior resistance and support lines further emphasises the importance of these levels in the market dynamics, while geopolitical events remain a crucial factor that could significantly impact oil prices in the coming week.
OANDA:BCOUSD
by BlackbearTrader
Brent to continue in the upward move?Brent - 24 expiry The rally was sold and the dip bought resulting in mild net gains yesterday. Intraday, and we are between bespoke support and resistance 73.72-81.78. Immediate signals are hard to interpret. Previous resistance, now becomes support at 77.40. There is no clear indication that the upward move is coming to an end. We look to Buy at 77.40 (stop at 76.40) Our profit targets will be 79.90 and 81.78 Resistance: 79.90 / 81.78 / 84.57 Support: 77.40 / 76.61 / 73.72 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OANDA:BCOUSDLong
by OANDA
Oil could rally hardOil is forming a bullish falling wedge pattern. If a breakout occurs, it will trigger a major bull run toward the big red or 200-day MA and beyond. Oil found support in the summer area of support and bounced nicely. Now, it is trying to break the pattern and continue to rise. MACD has already shown a line cross, indicating bullish momentum, while RSI is also moving up. Technical analyses indicate that if a breakout occurs, the move will be massive. Macroanalyses show there is a huge chance for that. The Fed lowering rates, the dollar dropping like a stone, and the closure of the Red Sea could trigger a massive move in oil. Therefore, a buy trigger will almost certainly occur within days or even today.
OANDA:BCOUSDLong
by Consistent_Trades