Looking for a quick scalp downAfter the holidays, looks like Oil is taking a dip. Taking a quick scalp down to the $79 range
UKOUSD trade ideas
Brent Oil Price Reaches New December HighFinancial markets are experiencing a traditional decline in trading activity associated with the holiday period. Notable events:
→ the S&P-500 and NASDAQ-100 stock indices updated their maximum for the year after the holiday Monday, thereby confirming the idea that the decline on Wednesday, September 20, was in the nature of a correction. Santa and his rally do not disappoint.
→ The dollar index drops to six-month lows due to expectations of an interest rate cut in March 2024.
→ The price of oil reached a new high in December.
The rise in oil prices is caused by geopolitical tensions:
→ WSJ: Iran-backed militias fire at US bases in the Middle East.
→ Bloomberg: Continued Houthi attacks on shipping and US strikes on targets in Iraq raise the risk of the war expanding in the Middle East.
→ Reuters: The war in Gaza will last several months. Concerns about the spread of the conflict are growing.
→ Barron's: Dispute between Venezuela and Guyana could threaten oil production and higher prices.
If military action disrupts the production and supply of oil, this could sharply increase its price.
The XBR/USD chart shows that:
→ the price is still in a downtrend (as shown by the red channel);
→ moving within the ascending channel (shown in blue) in December, the price has reached the upper limit of the red channel, and is now in a vulnerable position.
On the one hand, bears may try to resume the downward trend. On the other hand, if demand forces truly dominate the market, then only a minor pullback from the upper boundary of the red channel can be expected. Note the 77.50 level, which acted as resistance but changed its role after the breakout. Around this level there is a value of 50% of the price increase from the December low. So as long as the price is above 77.50, it is acceptable to assume that the chances of an attempt at a bullish breakout of the red channel will remain high.
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BCOUSD#Brent crude oil - H1
📣 Based on the chart structure in the 1-hour timeframe, with the breakout of the resistance-turned-support level zone around 76.93, it is possible to initiate a sell position with a target of 73.80.
⛔ Stop Loss: 79.40
On the other hand, with the break of the range at 79.40, a price growth towards the range of 82.20 can be anticipated.
⛔ Stop Loss: 76.93
Brent (ICE) may rise to 81.70 - 82.50Pivot
80.10
Our preference
Long positions above 80.10 with targets at 81.70 & 82.50 in extension.
Alternative scenario
Below 80.10 look for further downside with 79.60 & 78.80 as targets.
Comment
The RSI is above its neutrality area at 50%.
Supports and resistances
83.20
82.50
81.70
80.97 Last
80.10
79.60
78.80
Number of asterisks represents the strength of support and resistance levels.
UKOIL BUY LIMITSPrice broke last high once again and is still pushing for new highs. expect some sort of reversion by thursday to then clear last high and make a new one.
USDBRO - 3 Days for Bullish ConfirmationIf crude closes the current monthly candle above $80.50 it will be party time for the Bulls.
- Monthly MACD (Bearish)
- Monthly Pekipek's Divergence BETA (Bearish)
- Monthly RSI (Bearish)
brent oil in next monthbrent oil will be rise to 86 dollars per barrell in the next month and after that it will fluctuate between 72 and 84 dollars.
Frist Wave Diagonal?? Three Waves Corrective!!Hello!
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
Brent (ICE) may rise to 80.60 - 81.40Pivot
79.30
Our preference
Long positions above 79.30 with targets at 80.60 & 81.40 in extension.
Alternative scenario
Below 79.30 look for further downside with 78.65 & 78.10 as targets.
Comment
The RSI shows upside momentum.
Supports and resistances
82.20
81.40
80.60
80.25 Last
79.30
78.65
78.10
Number of asterisks represents the strength of support and resistance levels.
Taking a quick short Looking for a short down to the $78-$77.
seeing a nice rejection and we are in a supply area.
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.
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.
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
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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.
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.
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.
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: 75.84
what next for oilChart good looking for Rise after A correction Wait for the flag in the down time to confirm the promotion
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.
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Share your opinion in the comments and support the idea with a like. Thanks for your support!
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 units
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,
