Brent Oil - Confluence of Rising Wedge and Divergence The formation of rising wedge pattern at resistance zone is hinting at forthcoming bearing move. Formation of divergence on Awesome Oscillator can be taken as an added confluence.
UKOIL trade ideas
Crude Oil Rises: Middle East Tensions and Falling US InventoriesOil prices have risen for the third consecutive day, driven by rising tensions in the Middle East and a significant decline in U.S. crude inventories. Brent crude rose to $78.39 per barrel, while West Texas Intermediate settled at $75.39. Concerns intensified after the assassination of militant leaders in the Middle East, generating speculation about possible retaliation that could disrupt oil supplies. In Libya, the declaration of force majeure at the Sharara oil field due to protests has added pressure to the market. In the U.S., crude inventories fell by 3.7 million barrels, well above expectations, indicating strong underlying demand. Analysts at ANZ and Citi suggest Brent could range between $80 and $85, driven by geopolitical and climate risks, and a cautious investor stance.
On the Brent chart, the most traded zone is between $84.10 and $80.88. After a double indecision at the beginning of the week, a price rally was seen yesterday. Today, the market may show signs of a return to the mean. The RSI, still in the oversold zone at 39.50%, and the POC at $82 suggest possible moves toward the mean, with a high zone at $95 and a low zone at $71.47.
Ion Jauregui - ActivTrades Analyst
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Brent Oil Analyst Forecast 8/8/24Hi All,
Sharing my daily forecast for Brent, based on the technical, brent is more bullish now and has the potential to hit 78.7 and 79.2 when there is buying volume in the market.
When not, price will retract to 77.5 and when the sells are strong we can see price also hit 77. I have ghosted in candles as an illustration of where the price may go.
Brent Oil Movement & Target PriceHi All,
After a slow start to the move, price of Brent is crabbing along in the 75 - 76 range.
It may continue to crab along for the remaining of the day until one of the support and resistance price are crossed.
Currently looking at the chart, we can see brent hitting 77.04 after the price action earlier in the day it hit the bearish price of 75.75.
The oil price is probably facing a very sharp fall very soon.Hi all,
This chart for the oil price (Brent Spot) speaks for itself, so there is probably no need to write much more here.
It is worth writing here that it looks very bearish for the oil price going forward now, and as this chart for Brent Spot looks here.
Everything is connected, and the stock markets have fallen sharply on fears of a recession, and the price of oil will be hit hard if it turns out to be a recession.
So, as always, it will be very exciting to follow the development going forward for both the stock exchanges worldwide, the oil price, etc.
Maybe correction that will extend to 2030 and beyoind. In 2023, China faced a demographic turning point that could reshape its economic landscape And the global economy and may extend to 2030.
Brent Target Price updateHi All, the minimum bearih target price has been hit as shared yesterday. For more bearish move it the price action has to go below 75.
BRENT CRUDE OIL (XBRUSD): Massive Breakout↪️BRENT fell below an important daily support cluster and has now turned into resistance.
It is likely that a bearish trend will persist, with the next support level at 93.24.
Brent Crude Oil Prices Form Inverse H&S PatternTensions in the Middle East continue to escalate, and Brent crude oil prices appear to be forming an inverse head and shoulders pattern. For this bullish pattern to activate, the price needs to break above $81.69. If this level is breached, the pattern suggests a potential 4.69% gain, with prices possibly reaching $85.54. However, it's still early to determine the optimal placement for a stop-loss order, as the pattern may take some time to fully develop.
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Brent Crude Oil #Brent Crude Oil - H1 Analysis
📣 Based on the 1-hour chart structure, a break above the descending trendline at 80.07 could be a buying opportunity with a target of 82.00.
⛔️ Stop Loss: 79.00
Conversely, if the price breaks below the 79.00 level, a decline towards 77.80 could be anticipated.
⛔️ Stop Loss: 80.07
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis
The price of B1 may begin to form a rebound from the border of the triangle, which may indicate the beginning of growth, globally to the update levels of the upper border, if we consider the level from which the price gave a rebound, we can reach 85.935. If we consider H4, we can wait for the formation of a 3-wave structure to continue the upward movement. To cancel, it is better to consider fixing it outside the border or breaking it, since the fall may continue.
Target 81.76 - 85.935
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Weekly Market Wrap With Gary Thomson: 22 - 26 JulyWeekly Market Wrap With Gary Thomson: Nasdaq, EUR/USD, USD/CHF, Crude Oil, Alphabet Inc. Shares
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- Nasdaq Composite: Worst Session since Late 2022
- Market Analysis: EUR/USD Trims Gains While USD/CHF Regains Strength
- Brent Crude Oil Price is Declining amid De-escalation in the Middle East
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Brent Seell!Based on the previous analysis I had done on this commodity, it is now time for a sell entry considering that the price has retested the support zone, converting it to a resistance zone.
Entry point at 80, SL at 82 and TP at 76.
Brent Crude Oil Pattern FormationThis commodity has been forming a pennant (an indication of a ranging momentum) for the past few weeks.
Let us now focus on the shorter timeframes to have a clarity on where our entry positions might be.
Brent Crude Oil Shooort!Based on the previous analysis I had done, it seems that this commodity might test the lower trend line of the pennant pattern.
Considering that it is consolidating as for now, a sell entry position can be entered at around 80.80, when the price breaks out,
Let us wait as for now to gain more clarity.
Oil-Brent(UKOIL) | Range Idea | London Session
The labels that are used are ment to draft and measure context to the price action involved and contain no rules-engaged notebook + applied-set up indicators, but an anvoiding interference to use other rules-engaged software to enhance in general, regarding to the watchlist and trade plan that is relevant to trade-on
# POSITION & Risk Reward | 15 Minutes Time Frame
- Measurement on Session
* Retracement | 0.5 & 0.618
* Extension | 0.88 & 1
# POSITION & Risk Reward | 1 Hour Time Frame
- Measurement on Session
* 20 EMA
* 1000 EMA
* Retracement
# TREND | TIME FRAME CONDUCTIVE | 4 Hour Time Frame
- Measurement on Session
* Retracement
* Support & Resistance
* Trade Area | Focus & Motion ahead
Within a 100K Account Balance the split on Trade & Risk Management = 1/10% - 1/20% margin as an Execution Range, to set up an Order Entry and select a per Trade on Average, to avoid any drawdown hit regarding to Stop Loss & to execute Risk on Management Specifics. Trail Stop efforts are a Focus of Attention to the set up in general when Volatile-Price-Action is involved, mainly because of the usage of an Intraday-Scalp-Position tool on behalf on the Trade Plan in general
Brent Crude Oil Price Is DecliningBrent Crude Oil Price Is Declining Amid De-Escalation in the Middle East
On 8th July, we noted that oil prices were forming a large narrowing triangle, originating from 2022-2023, with its upper boundary being a significant resistance point.
As shown on the Brent oil price chart (XBR/USD), bulls have since failed to overcome the upper boundary resistance around $87. Subsequently, the price:
→ turned downwards, breaking the blue upward trend line;
→ eventually breached the support level at $84, which we highlighted on 8th July;
→ Formed a descending channel (indicated in red).
Bearish sentiment is driven by:
→ news of increased oil inventories;
→ reduced tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu stated that an agreement with Hamas on hostage release is "maturing."
What’s next?
Technical analysis of the Brent oil price chart indicates:
→ The price is at the lower boundary of the red descending channel, which may provide support.
→ The accelerated decline since Friday has resulted in a loss of over 4%, potentially prompting bears to take profits.
In the short term, a bullish correction to the median line of the red channel is possible. The holiday season, currently in full swing, could also support oil demand.
What about the long term? Reuters reports an oil price forecast from Morgan Stanley analysts, according to which, although there is a clear deficit in the oil market, they expect that supply and demand will reach equilibrium by the fourth quarter, and by next year there could be a surplus, resulting in prices for grade oil Brent will fall closer to $70 per barrel. If accurate, this would mean the current narrowing triangle would be broken from the top down.
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Is the drop in oil prices over?📊According to the buying pressure in the market, if the range of 85.5 units is broken upwards and the price stabilizes above it, the price may increase to the range of 86.0 units🎯, and in the case of the strength of the range of 88.0 units🎯🎯.
📊Otherwise, the price may decrease to the range of 83.4 units.
Critical Zones for #UKOILThe depicted zones are critical for #UKOIL .The price can react to them and can be entered in long positions. Up to your entry type and risk management set TP/SL. Do not forget that you cannot succeed in this market without proper risk management.07/18/2024
Crude oil rallies sharplyCrude oil has rallied sharply today. Both Brent and WTI have created large bullish engulfing candles on their daily charts. These suggests that more buying could be on the way in the days ahead, as the previous selling pressure has been replaced by buying.
Today’s gains were driven by a sharper-than-expected drawdown in US oil inventories data.
The recovery began earlier in the day after the American Petroleum Institute (API) reported last night that US oil inventories fell sharply, down by 4.44 million barrels for the week ending July 12. The previous week, the API had reported a 1.9 million barrel draw in crude inventories.
These figures were confirmed by official data released today by the Energy Information Administration (EIA). The EIA data showed an even more significant drop in oil stocks than the API data had indicated, with a decline of 4.9 million barrels last week. This unexpected drop partly explains the rally in oil prices today.
By Fawad Razaqzada, market analyst at FOREX.com
