UKOIL BRENT 20.02.2024 please make sure of them and do not risk, this is our analysis and ideas.
Please observe the capital carefully and do not risk more than 1% of your capital
Good luck to everyone
UKOILSPOT trade ideas
Oil May Buy to the 84 price, due to fundamental bullish newsAfter announcement of oil demand in the usa , oil began rising and breaking back inside the up trend line hence now i am looking for a buying opportunity at area of support once it pulls back
Please apply proper risk management and also live a comment on this idea, What do you think??
Riding the Oil Rally: How to Play Brent Above $82 Support- Oil prices are currently trading around $82.55, up slightly on the day. This continues the stable to bullish price action seen over the past month.
- On the daily chart, Brent has held above key short-term support at $80 and is consolidating near multi-week highs above $82.
- Momentum indicators like MACD remain in positive territory, pointing to ongoing upward momentum in the near-term.
- The next upside targets are the 200-day moving average at $83.50 and the $84 resistance zone.
- Upside appears favored as long as $80 support holds on any intraday pullbacks.
In summary, the structure and positioning of key moving averages favors the bullish scenario playing out in the weeks ahead. I'd be looking to buy intraday dips toward $82 for additional gains up to $84. Let me know if any part of the analysis needs explanation.
(Sideway modification structure) like gasolineGreetings
Dear analysts and traders,
I hope you are doing well and are motivated for the week ahead. I wish you all the success in your business endeavors. Remember that success in trading lies in consistently defining and sticking to your rules.
As someone interested in the Elliott Wave Principle, I find it to be an invaluable tool for market analysis. I have developed my approach by combining this principle with my personal experience and by considering different scenarios that are likely to occur in the market. It should be noted that I do not like to be surprised in the market, and that's why I have different market prospects. I follow them to be sure and recognize the structure that is forming so that I can 100% recognize it.
I will share my analysis with you, but please note that I am not providing any buy or sell signals. My perspective on idea analysis is completely unbiased, so if the idea analysis meets your standards, you can use it as a guide to make an informed decision.
I have attached my previous analysis of the same market so that you can compare and see the differences. All the details of my analysis are clearly labeled, making it easy for you to understand. However, having a basic familiarity with the Elliott Wave Principle theory will help you understand the analytical idea more easily.
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Brent Crude Alternative In trade analysis using pure price action, when a potential head and shoulders pattern doesn't confirm, watch out for the alternative: the triangle between the head and right shoulder. Always weigh all potential price movements and trade the setup with the best odds. Note: This analysis is on a very long timeframe—the weekly chart.
DeGRAM | UKOIL potential double top at the resistance levelUKOIL was rejected at resistance at 84.00 before.
Price is printing potential for a double-top.
The oil market is consolidating on the 4H chart.
We anticipate further consolidation and a bounce off the resistance level.
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BCOUSD#Brent crude oil - H1
📣 Based on the chart structure in the 1-hour timeframe, with a break above the downtrend line around the 79.24 level, one can consider buying with a target of 81.00.
⛔ Stop Loss: 77.80
On the other hand, with a break below the 77.80 range, one can be optimistic about a price decline towards the 76.00 range.
⛔ Stop Loss: 79.24
Will Brent oil stop its correction?📊 Due to the price approaching the supply range of $79.0 and the downward momentum of the price movement, if the range of 78.0 units is broken and the price stabilizes below it, the price may fall to the range of 76.6 🎯and in the case of the strength of the range of 74.0 units🎯🎯.
📊 Otherwise, the possibility of price increase up to the range of 81.0 units.
THE CATALYST COMES OUT FOR BRENTArea of Interest price for BRENT play out
As concern for the increasing tension in the Middle East and the ongoing Russian invasion that could lead to the curb of the global oil supply, the price bounced from the AoI marking.
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Stay safe in these uncertain economic conditions X.CO
DeGRAM | UKOIL channel breakingUKOIL broke the ascending channel and went down.
The oil market is likely to create a pullback from the support level.
We anticipate a continuation of the bearish trend.
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