Looks like next week bullish for brent crudeI clearly see a inverted head and shoulder on the daily, gap up open o monday is possible and can shoot right up, what do you thik?
UKOIL trade ideas
Classic Zigzag Wave A Diagonal!!Now Five Wave Bear Market??ThinkGreetings, dear friends. I hope you are having a productive week.
I am happy to assist you in ensuring that all previous analyses are attached to each corresponding analysis. This will provide a comprehensive overview and help you make well-informed decisions. Please do not hesitate to let me know if there is anything else I can do to assist you further.
I want to share my market analysis ideas based on the Elliott Wave Principle with you.
I am a fan of this principle and follow all the rules and guidelines for analyzing the market.
However, please note that my ideas are based on my personal experience and may change over time.
If there is an error in my analysis, I am open to re-analyzing it from the beginning and learning from my mistakes.
It's important to understand that making an error in analysis is not a fault, but evading responsibility is.
No one can analyze financial markets with 100% accuracy, but it's remarkable how close we can get.
We analyze from multiple perspectives to consider all possibilities.
Let's mention a few opinions and ideas!
Based on mathematics.
I am still practicing to understand the Elliott Wave Principle better and hope to provide an even better analysis in the future.
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Mr. Nobody
Keep trying and never give up.
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1.2&1.2 Or Expanded Diagonal??Greetings, dear friends. I hope you are having a productive week.
I am happy to assist you in ensuring that all previous analyses are attached to each corresponding analysis. This will provide a comprehensive overview and help you make well-informed decisions. Please do not hesitate to let me know if there is anything else I can do to assist you further.
I want to share my market analysis ideas based on the Elliott Wave Principle with you.
I am a fan of this principle and follow all the rules and guidelines for analyzing the market.
However, please note that my ideas are based on my personal experience and may change over time.
If there is an error in my analysis, I am open to re-analyzing it from the beginning and learning from my mistakes.
It's important to understand that making an error in analysis is not a fault, but evading responsibility is.
No one can analyze financial markets with 100% accuracy, but it's remarkable how close we can get.
We analyze from multiple perspectives to consider all possibilities.
Let's mention a few opinions and ideas!
Based on mathematics.
I am still practicing to understand the Elliott Wave Principle better and hope to provide an even better analysis in the future.
Thank you for your continued support, and I look forward to our mutual success.
Best regards,
Mr. Nobody
Keep trying and never give up.
Good luck!
BRENT Time To Break DownTrendBRENT can break its downtrend line and if break, we can enter a LONG trade with targets of 84, 88, and 90
Brent oil prices found some support During early Friday trading, Brent oil prices found some support as investors continued to weigh the likelihood of additional production cuts from OPEC+ producers. The previous two sessions were marked by significant oscillations in the price of the barrel. There was an overall fall of almost 2%, as traders reacted to news of the postponement of a meeting of high-level representatives from OPEC+ member states, in which the main point on the agenda was agreeing on new production cuts. Nevertheless, the consensus amongst market participants remains tilted towards the high likelihood of additional output reductions, which could be announced at the end of the month. However, any upside for oil prices stays capped by the gloomy outlook for the Chinese economy and the strength of US oil inventories.
Ricardo Evangelista – Senior Analyst, ActivTrades
Brent (ICE) (F4) Intraday May rise 1.45 %Pivot: 80.80
Our preference:
long positions above 80.80 with targets at 82.00 & 82.60 in extension.
Alternative scenario:
below 80.80 look for further downside with 80.20 & 79.50 as targets.
Comment:
the RSI calls for a bounce.
The oil market is closely watching the developments within OPEC+ as the group prepares for a virtual meeting on November 30 to discuss potential production cuts. This comes in the wake of a significant increase in US crude inventories and amid expectations of a Chinese stimulus that could impact demand.
WTI crude oil was trading at $76.50 on Friday, as OPEC+ confirmed it would hold a virtual meeting next Wednesday to deliberate on production strategies. The group, including key player Saudi Arabia, is contemplating maintaining its current output cut of 1 million barrels per day into the next year. This decision is influenced by recent declines in oil prices, and there are discussions about the possibility of further reductions by OPEC+ members.
The Energy Information Administration (EIA) reported an unexpected surge in US crude inventories, with an increase of 8.7 million barrels for the week ending November 17. This figure starkly contrasts with market expectations, which had predicted a much smaller rise of just 0.9 million barrels.
The anticipation of a Chinese economic stimulus targeting real estate firms, such as Country Garden Holdings, has been factored into market sentiments. Given China's significant role as a consumer in the oil market, such measures could help counteract the downward pressure on WTI prices.
Additionally, market participants are awaiting the upcoming release of US S&P Global PMI data. Forecasts indicate slight contractions in both Manufacturing and Services indices, which could further influence global oil demand and pricing dynamics.
The outcome of OPEC+'s meeting and the subsequent decisions on production levels will be critical for the direction of oil prices as the market heads into the final month of 2023.
brent UK Oilwell today we see no trends in chart , balance of power between bulls and bear
I expect short because price touched the top Range line
SL and TP is Not true ( just means short)
BCOUSD#Brent crude oil - H1
📣 Based on the chart structure in the 1-hour timeframe, if the resistance level around 83.85 is broken, one can consider buying with a target of 86.30.
⛔ Stop loss: 82.30
On the other hand, with the break of the 82.30 level, there is a potential for a price decline towards the 80.00 range.
⛔ Stop loss: 83.85
It's essential to perform your own analysis and consider other factors before making any trading decisions.
Possible idea OILGreetings, dear friends. I hope you are having a productive week.
I am happy to assist you in ensuring that all previous analyses are attached to each corresponding analysis. This will provide a comprehensive overview and help you make well-informed decisions. Please do not hesitate to let me know if there is anything else I can do to assist you further.
I want to share my market analysis ideas based on the Elliott Wave Principle with you.
I am a fan of this principle and follow all the rules and guidelines for analyzing the market.
However, please note that my ideas are based on my personal experience and may change over time.
If there is an error in my analysis, I am open to re-analyzing it from the beginning and learning from my mistakes.
It's important to understand that making an error in analysis is not a fault, but evading responsibility is.
No one can analyze financial markets with 100% accuracy, but it's remarkable how close we can get.
We analyze from multiple perspectives to consider all possibilities.
Let's mention a few opinions and ideas!
Based on mathematics.
I am still practicing to understand the Elliott Wave Principle better and hope to provide an even better analysis in the future.
Thank you for your continued support, and I look forward to our mutual success.
Best regards,
Mr. Nobody
Keep trying and never give up.
Good luck!
Crude Oil Correction - Bearish Scenario (4H)Brent Crude Oil Forecast 🛢️ TVC:UKOIL
Recent sessions saw a surge in Brent crude futures, hitting the top of a descending channel and undergoing huge correction currently. This paves the way for potential fall from 82.00 to 80 then 79.
The bearish trend remains strong as price got rejected from the 100-day moving average (4H timeframe). A break above 83 could signal bullish move.
Note: Keep an eye on unexpected movements due to Fed's meeting minutes and ongoing conflict between Palestine and Israel.
Support lines: 80.00
Resistance lines: 83.00
Comment down below your thoughts about my analysis, Thank you!
UKOil BullishHere from my TA, I believe oil is pushing for highs yet again. All while playing from the daily timeframe. This is a move that will take a bit of time, My estimate would be after thanksgiving leading into the new week (Monday)
Oil ready for a bull run it has made the correction it needed to make, now just buying it hard, let's go
Anyone wants to invest with us, just reach out to us, we have the track record and constantly exapanding our team!
UK Brent 4H : Still trades at the bearish channel UK BRENT OIL
New forecast
The price of Brent crude futures rose sharply in the past sessions, reaching the top of the descending channel and confirming the continuation of the dominance of the downward trend in the immediate term, paving the way for achieving additional gains starting at 80.00 and extending to 78.87.
Therefore the downward scenario will be remain valid and effective during coming period and the moving average 50 still support the price to decline , taking into account that stabilized above 82.11 will force the price to get out of bearish channel and will start a positive trades .
The expected trading range for today is between support 78.87 and resistance 82.11 .
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
support line : 80.00 , 78.87
resistance line : 82.11 , 83.05
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
A Reversal for Brent?There is a confluence of 0.618 Retracement Level, Several Trendlines, a Schiff Line, RSI in Overbought and a major moving average in this area so in my opinion the red box shown on the chart may be a potential reversal zone. Just wait for confirmation.
Good Luck!
Bullish on XBRUSD The price broke the ctl while sitting on the institutional golden zone of fib. Level 0.5 & 0.6 retrracement level. A bounce of the 4htf bullish candle gives confirmation for price move to $94 - 130 per barrel.
Bullish on XBRUSDThe price broke the ctl while sitting on the institutional golden zone of fib. Level 0.5 & 0.6 retrracement level. A bounce of the 4htf bullish candle gives confirmation for price move to $94 - 130 per barrel.
Brent WeeklyDue to the powerful influence that the Brent oil price had on the red cloud
It is expected that this chart can surprise us with another upward movement
NEW IDEA FOR BRNT Brent oil has formed a bullish crab harmonic pattern in the 4-hour timeframe, and the price seems to rise to the 61.8% Fibo area at $86.58.
Weekly Price PredictionProjected Price Range
The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $78.00 (Min) and $84.50 (Max). This projection is based on a combination of technical indicators and historical price action.
Technical Analysis
Fibonacci Retracement Breakout:
Last week witnessed a downside breakout from the 0.5 Fibonacci retracement line. Despite this, the decline has not been rapid, suggesting a potential stabilisation and support in the current price region.
Volume Profile Analysis:
Utilising a Fixed Range Volume Profile from the trough at the end of June to the peak at the end of September provides crucial insights.
Point of Control (POC): Identified at $84.50, indicating a level of potential future resistance and good liquidity.
High Volume Nodes (HVM):
Bottom HVM: Signifying an area of good liquidity and a potential support region, preventing a rapid decline from the 0.5 Fibonacci breakout.
Upper HVM: Acting as both a resistance level and a zone where the price has historically stalled after the first peak.
Low Volume Node (LVM): Reflects a lack of liquidity, leading to rapid price movements. Notable price fluctuations occurred between October and November in this region, ranging from $91.00 to $87.00 and back up to $90.00.
MACD and Stochastic RSI:
The MACD at the top of the chart is displaying a potential crossover, suggesting upward movement. Similarly, the Stochastic RSI at the bottom of the chart is showing signs of a bullish crossover.
Additional Factors
Prior Support/Resistance (Blue Line):
Just above the Bottom HVM, a blue line represents a prior support/resistance level. This is now a potential resistance level.
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
In conclusion, while the current price level has solid support from the Bottom HVM and technical indicators like MACD and Stochastic RSI are signalling potential upward movement, caution is warranted. The presence of the blue resistance line suggests a potential obstacle. Traders should monitor this level closely, and risk management strategies should be implemented. The projected price range is between the Bottom High Volume Node and the Point of Control.
Brent (ICE) (F4) Intraday May fall -3.20 %Pivot: 78.70
Our preference:
short positions below 78.70 with targets at 76.60 & 75.60 in extension.
Alternative scenario:
above 78.70 look for further upside with 79.40 & 80.20 as targets.
Comment:
as long as the resistance at 78.70 is not surpassed, the risk of the break below 76.60 remains high.
QM setup on Brent Oilhello dear traders.
based on our chart, we identified a Quasimodo setup on Daily timeframe of Brent Oil. If price reaches our zone, it is worth considering going long on Brent Oil.
I'll share updates via new publishings in the future.
Cheers.
UK Brent 4H : Under sell pressure UK Brent Oil
New forecast
The price of Brent crude futures rose yesterday and reached 83.80, and found strong resistance there, showing some bearish tendency, waiting to stimulate the price to resume the expected bearish trend for the coming period, noting that crossing the 81.35 level will extend the bearish wave to reach the 80.00 and 78.87 areas.
Therefore the downward scenario will be remain valid and effective supported by moving average 50 that is continue support the price to decline ,taking into account that stability above 83.80 will stop the expected decline and put pressure on the price to rise up.
The expected trading range for today is between support 80.00 and resistance 83.80.
Be careful because of the war between Palestine and Israel, we may witness unexpected movements .
Additionally ,Today News will affect the market .
support line : 81.35 , 80.00
resistance line : 83.17 , 83.80
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
