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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UKOUSD trade ideas
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.
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
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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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,
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,
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."
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.
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.
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.
Pump and dumpLooking to speculate oil prices to hit the mainstream news causing interest in the OIL prices before investors dump the oil.
Since The Russian oil price cap no longer works (people buying Russian oil for more than $60 a barrel). OPEC will continue trading business as usual no longer putting a cap on oil reducing prices down to actually hit $60 a barrel for general consumers.
Going into 2024 everyone will be in good trading relations
Brent (ICE) may fall to 74.45 - 75.10Daily and weekly charts are also bearish.
Pivot
76.30
Our preference
Short positions below 76.30 with targets at 75.10 & 74.45 in extension.
Alternative scenario
Above 76.30 look for further upside with 76.80 & 77.50 as targets.
Comment
The RSI is bearish and calls for further downside.
Supports and resistances
77.50
76.80
76.30
75.59 Last
75.10
74.45
73.60
Number of asterisks represents the strength of support and resistance levels.
DeGRAM | UKOIL pullback tradeUKOIL is in the bearish trend. It's trading in the descending channel.
Price dropped below the significant level at 80.00 , which creates a confluence zone to short the market.
We anticipate a trend-continuation trade from the resistance and 50% fibo retracement.
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Share your opinion in the comments and support the idea with a like. Thanks for your support!