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Potential Decline in Brent Crude Oil MomAs you may be aware, technical indicators such as the Moving Average Convergence Divergence (MACD) and Stochastics have been widely used by traders to gauge market sentiment and identify potential trend reversals. In the case of Brent Crude Oil, these indicators indicate a possible decline in momentum. The MACD, a trend-following momentum indicator, shows a bearish crossover, suggesting that the short-term moving average is crossing below the long-term moving average. This occurrence is often seen as a signal for a potential downward trend. Similarly, the Stochastics oscillator, which measures overbought and oversold conditions, indicates that Brent Crude Oil is approaching overbought levels, implying a possible price correction. While it is important to note that technical indicators are not infallible and should always be used with other fundamental and technical analysis tools, converging these signals warrants careful consideration. Monitoring the market closely and exercising caution in trading might be prudent. It is worth mentioning that various factors can influence the oil market, including geopolitical events, supply and demand dynamics, and global economic conditions. Therefore, it is crucial to maintain a comprehensive approach to trading and consider multiple perspectives before making any significant decisions. Please note that this idea is intended to serve as an observation and should not be considered financial advice. As a seasoned oil trader, I trust your expertise and judgment to evaluate the situation and make informed decisions accordingly. If you have any questions or want to discuss this matter further, please do not hesitate to reach out in the comments.
OANDA:BCOUSD
by bryandowningqln
UK-BRENT-OIL 4H OUTLOOKGoldman Sachs: reduces its forecast for oil prices in December 2023 from $95 to $86 for the following reasons: 1- Increasing oil supplies from Russia, Iran, and Venezuela. 2- The fear and anxiety of the world about recession and economic stagnation. 3- Continuing and insisting on raising interest. BRENT OIL the movement will be positive as long as the trade is above 77.18 for today to get 79.90 gradually but stabilizing under 77.81 then will start the bearish to get 75.50 pivot price: 77.81 resistance price: 79.98 & 81.00 & 83.00 support price: 76..40 & 75.40 & 74.81 Brent oil will move between 77.81 and 79.95 tendency bullish
TVC:UKOILLong
by SroshMayi
1
Results of the OPEC+ MeetingThe OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary: → the organization (which currently consists of 13 countries) is looking for new members; → the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID; → nevertheless, the organization is positive about the demand for oil in the second half of 2023. Judging by the fact that no sharp statements were made, OPEC members are satisfied with the current situation. The oil price chart shows that the level of 72.25 in June confirmed its support for the market. It may be based on the decisions of OPEC to reduce production volumes when prices fall to these levels. It can be stated that the market has been in the consolidation stage for 2 months already. But with strong support from OPEC, the bulls may try to break through the current resistance level (1). This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
UKOIL(BRENT)-07/05/2023Preferred direction: BUY Comment: The long idea for oil has been working out very well and after completing the planned path earlier, the level of 77.39 opens for the buyer. A rather difficult obstacle for the buyer, because if not for it, then the price could rise above 78 from the current ones on the impulse. Therefore, in the near future, an approach to 77.39 is expected, then consolidation (most likely) and after a rise above 78. Thank you for like and share your views!
TVC:UKOILLong
by Viktor_strifor_analyst
3