Brent Target Price updateHi All, the minimum bearih target price has been hit as shared yesterday. For more bearish move it the price action has to go below 75.
USDBRO trade ideas
BRENT CRUDE OIL (XBRUSD): Massive Breakout↪️BRENT fell below an important daily support cluster and has now turned into resistance.
It is likely that a bearish trend will persist, with the next support level at 93.24.
Brent Crude Oil Prices Form Inverse H&S PatternTensions in the Middle East continue to escalate, and Brent crude oil prices appear to be forming an inverse head and shoulders pattern. For this bullish pattern to activate, the price needs to break above $81.69. If this level is breached, the pattern suggests a potential 4.69% gain, with prices possibly reaching $85.54. However, it's still early to determine the optimal placement for a stop-loss order, as the pattern may take some time to fully develop.
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Brent Crude Oil #Brent Crude Oil - H1 Analysis
📣 Based on the 1-hour chart structure, a break above the descending trendline at 80.07 could be a buying opportunity with a target of 82.00.
⛔️ Stop Loss: 79.00
Conversely, if the price breaks below the 79.00 level, a decline towards 77.80 could be anticipated.
⛔️ Stop Loss: 80.07
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis
The price of B1 may begin to form a rebound from the border of the triangle, which may indicate the beginning of growth, globally to the update levels of the upper border, if we consider the level from which the price gave a rebound, we can reach 85.935. If we consider H4, we can wait for the formation of a 3-wave structure to continue the upward movement. To cancel, it is better to consider fixing it outside the border or breaking it, since the fall may continue.
Target 81.76 - 85.935
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Brent Seell!Based on the previous analysis I had done on this commodity, it is now time for a sell entry considering that the price has retested the support zone, converting it to a resistance zone.
Entry point at 80, SL at 82 and TP at 76.
Brent Crude Oil Pattern FormationThis commodity has been forming a pennant (an indication of a ranging momentum) for the past few weeks.
Let us now focus on the shorter timeframes to have a clarity on where our entry positions might be.
Brent Crude Oil Shooort!Based on the previous analysis I had done, it seems that this commodity might test the lower trend line of the pennant pattern.
Considering that it is consolidating as for now, a sell entry position can be entered at around 80.80, when the price breaks out,
Let us wait as for now to gain more clarity.
Oil-Brent(UKOIL) | Range Idea | London Session
The labels that are used are ment to draft and measure context to the price action involved and contain no rules-engaged notebook + applied-set up indicators, but an anvoiding interference to use other rules-engaged software to enhance in general, regarding to the watchlist and trade plan that is relevant to trade-on
# POSITION & Risk Reward | 15 Minutes Time Frame
- Measurement on Session
* Retracement | 0.5 & 0.618
* Extension | 0.88 & 1
# POSITION & Risk Reward | 1 Hour Time Frame
- Measurement on Session
* 20 EMA
* 1000 EMA
* Retracement
# TREND | TIME FRAME CONDUCTIVE | 4 Hour Time Frame
- Measurement on Session
* Retracement
* Support & Resistance
* Trade Area | Focus & Motion ahead
Within a 100K Account Balance the split on Trade & Risk Management = 1/10% - 1/20% margin as an Execution Range, to set up an Order Entry and select a per Trade on Average, to avoid any drawdown hit regarding to Stop Loss & to execute Risk on Management Specifics. Trail Stop efforts are a Focus of Attention to the set up in general when Volatile-Price-Action is involved, mainly because of the usage of an Intraday-Scalp-Position tool on behalf on the Trade Plan in general
Brent Crude Oil Price Is DecliningBrent Crude Oil Price Is Declining Amid De-Escalation in the Middle East
On 8th July, we noted that oil prices were forming a large narrowing triangle, originating from 2022-2023, with its upper boundary being a significant resistance point.
As shown on the Brent oil price chart (XBR/USD), bulls have since failed to overcome the upper boundary resistance around $87. Subsequently, the price:
→ turned downwards, breaking the blue upward trend line;
→ eventually breached the support level at $84, which we highlighted on 8th July;
→ Formed a descending channel (indicated in red).
Bearish sentiment is driven by:
→ news of increased oil inventories;
→ reduced tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu stated that an agreement with Hamas on hostage release is "maturing."
What’s next?
Technical analysis of the Brent oil price chart indicates:
→ The price is at the lower boundary of the red descending channel, which may provide support.
→ The accelerated decline since Friday has resulted in a loss of over 4%, potentially prompting bears to take profits.
In the short term, a bullish correction to the median line of the red channel is possible. The holiday season, currently in full swing, could also support oil demand.
What about the long term? Reuters reports an oil price forecast from Morgan Stanley analysts, according to which, although there is a clear deficit in the oil market, they expect that supply and demand will reach equilibrium by the fourth quarter, and by next year there could be a surplus, resulting in prices for grade oil Brent will fall closer to $70 per barrel. If accurate, this would mean the current narrowing triangle would be broken from the top down.
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.
Is the drop in oil prices over?📊According to the buying pressure in the market, if the range of 85.5 units is broken upwards and the price stabilizes above it, the price may increase to the range of 86.0 units🎯, and in the case of the strength of the range of 88.0 units🎯🎯.
📊Otherwise, the price may decrease to the range of 83.4 units.
Critical Zones for #UKOILThe depicted zones are critical for #UKOIL .The price can react to them and can be entered in long positions. Up to your entry type and risk management set TP/SL. Do not forget that you cannot succeed in this market without proper risk management.07/18/2024
Crude oil rallies sharplyCrude oil has rallied sharply today. Both Brent and WTI have created large bullish engulfing candles on their daily charts. These suggests that more buying could be on the way in the days ahead, as the previous selling pressure has been replaced by buying.
Today’s gains were driven by a sharper-than-expected drawdown in US oil inventories data.
The recovery began earlier in the day after the American Petroleum Institute (API) reported last night that US oil inventories fell sharply, down by 4.44 million barrels for the week ending July 12. The previous week, the API had reported a 1.9 million barrel draw in crude inventories.
These figures were confirmed by official data released today by the Energy Information Administration (EIA). The EIA data showed an even more significant drop in oil stocks than the API data had indicated, with a decline of 4.9 million barrels last week. This unexpected drop partly explains the rally in oil prices today.
By Fawad Razaqzada, market analyst at FOREX.com
oilThis was supposed to be share last week sadly i forgot to publish same usoil same sentiments
the assert is building leg c of correction and we looking to long on a zone
Nice head and shoulder for sellOil in daily chart in the triagle and also in downtrend , also in h1 chart you can see nice head and shoulder in downtrend and you can take sell position with low risk , if you have a new idea please say it
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis
On D1, you can consider a potential retest of the trend line, which can indicate a local trend change. You can consider a 3-wave structure with little risk for a downward movement trade. If this scenario begins to be realized globally, the targets can be considered at the level of 76.73 - 70.10. Entry by market or from levels 84.30. Stop for the 2nd wave.
Target 83.25 - 76.60
UKO USD SHORTHello everyone, I would like to share my next trade idea to go short on oil, hopefully my idea will be favorable and will result in profit taking between today and tomorrow, greetings.
Brent Crude Oil Price Hits the Highest Level Since 1 MayBrent Crude Oil Price Hits the Highest Level Since 1 May
Analysing the oil price on 19th June, we wrote that:
→ Amidst increasing demand for oil during the holiday season, Goldman Sachs analysts suggested that by the end of summer, the Brent price could rise to $86 per barrel with an upper limit around $90.
→ The price could reach the upper boundary of a narrowing triangle that originated in 2022-2023 – technically, this is a significant resistance level.
As the Brent crude oil price chart (XBR/USD) shows, the price has reached the upper boundary of the triangle since then. How will events unfold from here?
Technical analysis of the Brent crude oil price chart indicates that:
→ The price increase in June has formed an ascending channel (shown in blue);
→ The resistance effect of the upper boundary of the large triangle has led to the A→B movement. The price quickly reached the median line of the blue channel, confirming seller activity above $87 per barrel.
The price decline at the end of last week was influenced not only by technical factors but also by fundamental ones – as Reuters reports, oil prices are falling amidst renewed ceasefire talks and a hostage release deal in the Gaza Strip.
It is possible that the Brent crude oil price could drop to the lower boundary of the blue channel, from where bulls may attempt to resume the upward movement. The following fundamental factors have the potential to support the bulls:
→ The impact of Hurricane Beryl on production and operations in the US. Major ports in Texas have shut down operations and vessel movements as Beryl continues to strengthen approaching the coast near Houston.
→ Breakdown of negotiations and the threat of escalation in the Middle East and other geopolitical factors.
→ Continuation of the holiday season.
Note that the lower boundary of the blue channel is reinforced by the $84 support level. Considering the upper boundary of the triangle, traders have reasons to believe that in July, a consolidation pattern could form on the XBR/USD chart between the $84-$87 levels.
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.
Brent - Had EnoughBrent had enough with a triangle to complete B from its correction
seems we're heading to play wave C to complete the correction
92.15 will invalidate the pattern
