Brent: technical levels.Oil is trying to rise, but movements remain limited to the following levels:
Resistance - 84.80
Support 74.83
UKOIL trade ideas
UKOILThis is my opinion with technical analysis
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UK-BRENT-OIL 4H OUTLOOKGoldman Sachs: reduces its forecast for oil prices in December 2023 from $95 to $86 for the following reasons:
1- Increasing oil supplies from Russia, Iran, and Venezuela.
2- The fear and anxiety of the world about recession and economic stagnation.
3- Continuing and insisting on raising interest.
BRENT OIL
the movement will be positive as long as the trade is above 77.18 for today to get 79.90 gradually
but stabilizing under 77.81 then will start the bearish to get 75.50
pivot price: 77.81
resistance price: 79.98 & 81.00 & 83.00
support price: 76..40 & 75.40 & 74.81
Brent oil will move between 77.81 and 79.95
tendency bullish
Short Oil at the top of rangeOil is trading in a range Long term its starting to look bullish but I feel we may retrace one more time to the support area.
My only concern is the amount of wicks on the weekly chart near the support.
I feel there may be some institutional accumulation of oil at that level.
will be looking for a buy entry when we return to the support level marked on the chart
Results of the OPEC+ MeetingThe OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary:
→ the organization (which currently consists of 13 countries) is looking for new members;
→ the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID;
→ nevertheless, the organization is positive about the demand for oil in the second half of 2023.
Judging by the fact that no sharp statements were made, OPEC members are satisfied with the current situation. The oil price chart shows that the level of 72.25 in June confirmed its support for the market. It may be based on the decisions of OPEC to reduce production volumes when prices fall to these levels.
It can be stated that the market has been in the consolidation stage for 2 months already. But with strong support from OPEC, the bulls may try to break through the current resistance level (1).
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BRENT // 71.392 AttentionWe are having difficulty surpassing the wedge indicator. 71,392 can be viewed as buying.
Brent - the time of marking time is coming to an end.Brent oil, in my opinion, has bright prospects. For a week in a row (more precisely, after April 30, 2023), the weekly candle has never been able to close below the level of 73.90. This clearly indicates a shift in strength in favor of the bulls. In my opinion, we are going to see a rapid and rapid growth up to $140 per barrel.
UK BRENT OIL 4H OUTLOOK BRENT OIL
the movement will be Negative as long as the trade is under 77.18 for today to get 75.40 gradually
but stabilizing above 77.81 then will start the bullish to get 79.98
pivot price: 77.18
resistance price: 77.81 & 79.98 & 81.00
support price: 75.40 & 74.81 & 73.40
Brent oil will move between 77.18 and 75.40
UKOIL(BRENT)-07/05/2023Preferred direction: BUY
Comment: The long idea for oil has been working out very well and after completing the planned path earlier, the level of 77.39 opens for the buyer. A rather difficult obstacle for the buyer, because if not for it, then the price could rise above 78 from the current ones on the impulse. Therefore, in the near future, an approach to 77.39 is expected, then consolidation (most likely) and after a rise above 78.
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Could we see this fall back to support?Technically speaking, we could see price fall back towards the horizontal support level after rejecting again off the diagonal trendline. OPEC meetings ongoing, so any major news events from there might cancel out and technical setups
ukousd is looking bullish ukousd is making bullish deep crab so it retesdt c area and ready to bull run for D
bullish scenario
Brent to stall at trend of lower highs?Brent - 24h expiry
Daily signals are bearish.
Trend line resistance is located at 76.60.
50 1day EMA is at 76.35.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
We look to Sell at 76.39 (stop at 77.39)
Our profit targets will be 73.89 and 73.39
Resistance: 75.90 / 76.40 / 77.34
Support: 75.20 / 74.80 / 74.40
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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.
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DeGRAM | UKOIL bearish pressureUKOIL has been making lower highs and equal lows, indicating bearish pressure.
Price is testing the resistance at 76.00, the fibo, and the channel's upper border, which is a dynamic resistance.
The market is making a pullback on the larger scale of the bearish trend.
We anticipate a pullback. The market has dropped from this level before.
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UKOIL (BRENT)-06/29/2023Preferred direction: BUY
Comment: Oil has been trading in the range of 72.36 - 77.39. The most pleasant entry points are certainly located at the extremes, however, the current price attracts those formed by accumulation. Accumulated selling can well push the price up to the level of 76.30.
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Will Brent find buyers at crucial support once again?Brent - 24h expiry
A level of 72 continues to hold back the bears.
Daily momentum has stalled and our bias is now neutral.
Expect trading to remain mixed and volatile.
We look to buy dips.
The hourly chart technicals suggest further downside before the uptrend returns.
We look to Buy at 72.13 (stop at 71.13)
Our profit targets will be 74.63 and 75.13
Resistance: 73.30 / 74.00 / 75.00
Support: 72.40 / 72.00 / 71.62
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.
BRENT POSSIBLE DOWN MOVEMENTOil prices fell over 1% on Tuesday as the European Central Bank signaled more interest rate hikes. Investors awaited data on U.S. fuel consumption during the summer driving season. Brent crude futures dropped 1.6% to $72.96 a barrel. Higher interest rates and concerns about economic slowdown in Europe put pressure on prices. U.S. inventory data and a Reuters poll indicating a likely decrease in inventories were anticipated. The backwardation in Brent crude and shallow contango in the market reflect supply concerns easing and a slightly oversupplied market. Geopolitical events, such as the Wagner mutiny in Russia, have been overshadowed by macroeconomic considerations. Chinese oil demand in the second half remains crucial, with plans to invigorate markets yet to be detailed.
Recent events in Russia have set the stage for a potential oil price rebound. However, uncertain global macroeconomic conditions make it difficult to predict when a break in support and a move lower might occur. US Crude Oil Inventories saw a double decline, while drilling activity in the US decreased. WTI and Brent prices have been testing support levels, but each rebound has been less significant. The convergence of long-term resistance and support levels suggests an imminent decision for oil's direction. Geopolitical factors and economic indicators influence prices. Confirmation below $72 for Brent would indicate further downside potential.
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BrentThe price of Brent crude oil is close to the local support level. Which is clearly expressed on the chart at $71. Also on the chart you can see the trend resistance level, which presses the price to the horizontal support level. In the near future, a breakdown of the structure may occur, which could potentially push the price above $80. This may be affected by the geopolitical situation in Russia. Which is the leader of OPEC +
UKOILThis is an update from the last time we took a trade on oil. Our approach was wrong, impatient and too easy, this time we have gone in with refinement and it has paid off.
- Pressure from the demand was very high
- retest of sensitive area
- break down of strength
- impulsive candle
This is to show that every time you refine your strategy you add to the skill so stay working on it and making it better, it is YOURS so only you can put in the work.
ukoil 1 hour chart distribution tp 65 usd / bbl🔸Today let's review the 1 hour chart for brent oil . Previously strong downtrend in
progress entire 2023 so outlook remains bearish until we can daily close above 80 usd.
🔸OPEC production cuts have low impact on prices recently due to lower global
demand. Technically, we are in a distribution pattern setup since May 2023 and expecting
breakdown and new/fresh lows soon for Brent.
🔸Recommended strategy for crude oil traders: short-sell near market / short-sell rips
and rallies, limited upside and final TP bears is 65 USD. once we get a valid breakdown
of the structure expecting losses to accelerate in this market.
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UKOIL SHORTS With our entries at 74.34 I am expecting that price may drop to 27.65 before the bulls can take some form of control over the market consolidation is about to be broken
Brent updateBrent is moving in a falling wedge, in my view next support level will be 68$ lower wedge trendline where bullish reversal could start to target 104$ if the wedge will be broken
OIL to $790 in 2029Hi to everyone. Maybe that's the most useful inside for all of you. Oil is going to outperform all the other commodities in the next 6 years. Why? The reason I do not know exactly, but the rise of oil to $790 is undoubtful, technically. Good luck in trades, buddy.
