UKOUSD trade ideas
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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BRENT OIL - 4HAccording to the strong downward momentum of the price movement and selling pressure in the market, if the range of 76.0 units is broken and the price stabilizes below it, the price may fall to the range of 74.8 and in the case of the strength of the range of 73.0 units.
Otherwise, the possibility of price increase up to the range of 79.0 units.
DeGRAM | UKOIL bearish move from confluence levelUKOIL bounced off the resistance at 84.00 and the 127.2% fibo extension level.
Price created the bearish harmonic pattern after breaking out of the descending channel.
The current trend on the D chart is a pullback against the major trend.
We anticipate a pullback and bearish move.
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BRENT OIL - 1HIn the four-hour time frame, the trend of the price movement is upward, but due to the compression of the price movement and increasing selling pressure, if the upward trend is broken, the price will move downwards and the price stabilizes below the range of 81.5 units, the price may fall to the range of 80.6 units, and in the case of strength, the range of 79.2 units .
Otherwise, the possibility of price increase up to the range of 84.3 units.