Taking a quick short Looking for a short down to the $78-$77. seeing a nice rejection and we are in a supply area. by BigMan89Updated 1
Went LongLooking for a retest of $79.00 and break back down to $77.00 range. Longby BigMan89Updated 3
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.by BlackbearTraderUpdated 1
Brent (ICE) may rise to 80.20 - 81.30Pivot 78.20 Our preference Long positions above 78.20 with targets at 80.20 & 81.30 in extension. Alternative scenario Below 78.20 look for further downside with 77.60 & 77.10 as targets. Comment The next resistances are at 80.20 and then at 81.30. Supports and resistances 82.40 81.30 80.20 79.29 Last 78.20 77.60 77.10 Number of asterisks represents the strength of support and resistance levels.Longby Daniel_Thompson5
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.Longby OANDA4
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.Longby Consistent_Trades3
Brent (ICE) may fall to 76.40 - 77.10Pivot 78.70 Our preference Short positions below 78.70 with targets at 77.10 & 76.40 in extension. Alternative scenario Above 78.70 look for further upside with 79.50 & 80.20 as targets. Comment The RSI lacks upward momentum. Supports and resistances 80.20 79.50 78.70 78.10 Last 77.10 76.40 75.80 Number of asterisks represents the strength of support and resistance levels.Shortby Daniel_Thompson2
Rally on BrentBrent is still inside its long-term descending channel and has not yet broken out of this range. And there is a price corrective movement that is formed in the form of a rally base rally pattern that can be profited from the second rally movement.Longby hamednmp104
BCOUSD#Brent crude oil - H1 📣 Based on the chart structure on the 1-hour timeframe, if the downtrend is broken around 75.84, there is an expectation for price growth towards the range of 78.00. ⛔ Stop Loss: 74.30 On the other hand, with a break below the range of 74.30, one can consider selling with a target of 72.40. ⛔ Stop Loss: 75.84Shortby FXSMARTTUpdated 3
what next for oilChart good looking for Rise after A correction Wait for the flag in the down time to confirm the promotion Longby Samfxb1
DeGRAM | UKOIL short from the kill zoneUKOIL is trading in the descending channel, making lower lows. It pulled back following the divergence at the support level. Price is testing the resistance level, which creates a kill zone to short the market. We anticipate a trend-continuation trade. ------------------- Share your opinion in the comments and support the idea with a like. Thanks for your support!Shortby DeGRAM1110
Brent Oil - 1HIf the range of 75.5 units is broken downwards and the price stabilizes below it, the price may fall to the range of 74.0 units, and in case of strength, the range of 73.0 units Otherwise, the possibility of price increase up to the range of 79.5 unitsShortby arongroups5
First Wave Leading Diagonal, Three Waves Corrective NowHello! 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, Shortby mehdi47abbasi7910
Sideway Correction For Wave BHello! 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, by mehdi47abbasi798
Brent Cash Analysis 14/12/2023The entry, exit and stop loss points are on the chart, 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 everyoneby HezhaRavandi9
Oil: Head & Shoulders Pattern,Heading Back to the $60 Territory?Hi Fellow Realistic Traders. Here's my latest price action analysis on Oil! The oil market has recently witnessed a significant head and shoulders pattern breakout, signaling a clear shift towards a bearish reversal scenario. Subsequently, the price has persistently descended below the EMA200 line, affirming the establishment of a robust downtrend. Further underscoring this trend, the Stochastic indicator revealed a bearish divergence, suggesting a potential sustained downward movement towards our target area. It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached. Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on $UKOIL."Shortby financialfreedomgoals101Updated 4420
Brent Crude Oil - Possible reversal upwardsTaking a shot at a possible bottom in Brent Crude Oil. Price is currently at support zone (grey area). I am taking a long with SL at 71, which is below support. Basis of this trade is purely from an Elliott Wave perspective. 5 waves of two degrees are done, and I take this as a C wave. Minimum target is 84.50, with a possibility to reach Wave B at 93.80.Longby QuercusTrading6
Brent oil sell opportunity Sell opportunity on Brent oil There is Fibonacci cluster and tick volume node at specified price that possible to make second sell off opportunity by mosadeqbahrami1
Weekly Price Prediction: $78.00 (Min) and $87.50 (Max)Projected Price Range The anticipated weekly price range for Brent Crude Oil is expected to fluctuate between $75.62 (Min) and $81.93 (Max). Contended Price Levels $81.00 - $78.00 High Volume Node - potential support $81.73 Resistance Line - potential resistance $75.62 Support Line - potential support Technical Analysis Fibonacci Retracement Breakout: The price has gone below the 0.5 Fibonacci level. This level is currently just a dollar above the blue resistance line. Volume Profile Analysis: High Volume Nodes (HVM): Bottom HVM: Signifying an area of good liquidity and a potential support region. The price has stalled in this area over the last few weeks. If the price breaks downwards it could carry on. MACD and Stochastic RSI: Stoch RSI (Bottom Indicator): It has crossed over at the bottom and now has just about crossed over at the top. Showing overbought pressure and a potential downturn. 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 and we won't see a bullish signal this week from this indicator. Additional Factors Prior Resistance ( Top Blue Line): Just above the Bottom HVM, a blue line represents a prior resistance level. The blue line just crosses over the current price bar. Could be a potential resistance area as well. Prior Support (Bottom Blue Line): This represents a support level for the price. This may be crucial if broken as the HVM is just above it. The blue line just crosses over the current price bar. Could be a potential support area as well. 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 To conclude we see the price range being between $75.62 (Min) and $81.93 (Max). This is due to the price staying within the HVM and seeing support with also a support line just below the HVM. However, there is a resistance line just above the HVM as well. These two support and resistance lines make our price range for this week. The Stoch RSI is showing a bearish sentiment so this will be crucial to watch out for. Also, something else which is crucial to watch out for is the blue line that has already crossed the current price bar. This will form new support/resistance. The MACD is effectively null this week.by BlackbearTraderUpdated 4
Brent (ICE) may rise to 76.90 - 77.50Pivot 75.85 Our preference Long positions above 75.85 with targets at 76.90 & 77.50 in extension. Alternative scenario Below 75.85 look for further downside with 75.35 & 75.00 as targets. Comment The RSI shows upside momentum. Supports and resistances 78.20 77.50 76.90 76.54 Last 75.85 75.35 75.00 Number of asterisks represents the strength of support and resistance levels.Longby Daniel_Thompson2