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Spot Brent Crude Oil

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UKOUSD trade ideas

UKOIL / BRENT the line maybe is important line zone for buy or sell. note : my analysis and trading style is base on supply and demand , support and resistance . market structure, and price action. before entry I will wait and see how price approach and react to the zone. must waiting / look how price action (reaction) and market pattern when price come to the line zone before decide to entry at the line zone. if didn't have any good price action and market pattern. I will ignore the zone. "trade what u see on the chart and think (by logic) , do not trade with what u want or what u asked or what u hope (by emotional)" happy trading all
FX:UKOILSPOT
by One_Im-JacK
#Brent crude - an important inflection areaThis analysis is done on a monthly chart so this could still consolidate and take some time to play out but just a few interesting points to note: (1) the 200 month moving average (green line) has acted as a support and resistance level for the price of brent crude for the last decade and a bit (looks to be supporting price action currently) (2) the 61.8 fib from the extreme April '20 lows and March '22 highs come in at around $77.60 where the market recently bounced from (3) resistance monthly highs in October '18 and October '21 seem to be now acting as support (change of polarity). (4) RSI 50 level holding on the RSI (5) Price candle action (wicks) on the monthly chart over the last quarter shows that the bulls are ready to buy into any weakness during the month (6) Not shown on the chart but if you look at the daily chart we are forming a flat top triangle which usually breaks to the upside which also has a target at roughly $100 Given the significance of this consolidation zone between 77 and 84 leads to a high probability that OIL will once again move higher after this consolidation phase is complete. Thus on a medium term view I would use any weakness in Brent crude to accumulate a position for higher levels with a medium target around the $100 mark If you look at seasonality data for Crude oil futures in the past, you can see it enjoys a favourable period from the end of February to around end of September. www.equityclock.com
FX_IDC:USDBROLong
by MarcoOlevano