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U.S. DOLLAR / BRENT CRUDE OILU.S. DOLLAR / BRENT CRUDE OILU.S. DOLLAR / BRENT CRUDE OIL

U.S. DOLLAR / BRENT CRUDE OIL

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Bullish Oil Options Traded at Record Pace Before Iran AttackOil investors piled into the options market days before Iran launched its attack on Israel and traded a record amount of contracts that profit from higher prices. Just over 1 million calls on the global Brent crude benchmark traded last week, surpassing a previous record, according to data compiled by Bloomberg. The volumes were focused on contracts at $95 and above $100, with bullish calls trading at hefty premiums to bearish puts in recent weeks. Traders have been flocking to the oil options market in order to hedge themselves against the risk of prices moving higher if the conflict between Israel and Iran widens further. Options are often used to protect against major geopolitical risks as they allow a cheaper way of profiting from a spike in prices. Many of the bets won’t have profited yet given that crude prices and market volatility retreated when the market opened early on Monday, with the benchmark now changing hands below $90. However, as tensions in the region remain high such hedges are likely to remain in place over the coming weeks. Calls at $100 and $110 are the most held options contracts over the next 12 months for Brent, according to ICE Futures Europe data compiled by Bloomberg. On Thursday alone, about 29 million barrels of new call option contracts were opened on the nearest trading month.
BLACKBULL:BRENTLong
by Elite_Forex
Brent Oil Price Did Not Rise Despite Iran's Attack on IsraelBrent Oil Price Did Not Rise Despite Iran's Attack on Israel As you know, Iran launched a missile attack on Israel over the weekend. This could greatly increase the price of Brent oil, given that Iran is one of the top 10 oil producing countries, and the fact of the strike could provoke further escalation in the region. However, at the beginning of the trading week, the price of Brent oil is below the levels at which they were at the end of last week. How so? It is acceptable to assume the impact that the price reflects market risks and the expectations of its participants: → As the media wrote last week, the blow was expected after Israel’s attack on the Iranian mission. → The risk of escalation is not as high as it could be. According to the Washington Post, Biden advises Netanyahu to “slow down” after the Iranian attack. Administration officials said the United States would not join in any response to Tehran's attack and suggested Israel avoid escalation. How might the situation develop further on the oil market? From the point of view of technical analysis of the price of Brent oil, as we wrote on April 4, the upper limit of the blue channel is around USD 92 per barrel of Brent. → Fears of escalation pushed the price beyond the USD 91 level, but it failed to gain a foothold there. → The price quickly returned below the USD 91 level (as shown by the arrows) — a sign of bearish activity. → Resistance to price growth is provided by both the upper border of the blue channel and the upper border of the intermediate ascending channel (shown by black lines). Please note that if we take the A→B impulse as a 100% basis, then at the price level of USD 90.80 per barrel of Brent there is a Fibonacci resistance level of 1.618. Therefore, there is reason to assume that the price of oil may form a correction to the lower black support line if there are no signs of escalation (then the price of oil may rise closer to USD 100, as CNBC writes). And for the current US authorities, it is believed that rising oil prices are unprofitable due to the upcoming elections. 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
2
UKOil short term bias (Counter trend) looks bearish**Monthly Chart** Last month's candle closed bullish indicating a continuous uptrend move at least to the monthly MC of Oct 2023. This month candle opened near the high of the previous candle and resumed higher. **Weekly Chart** Last week's candle closed bullish, suggesting a continuation of the bullish move at least toward testing the previous MC candle around the 95 level. However, short-term bias (counter trend) is bearish if the price is unable to sustain the move higher and start reversing. **Daily Chart** Short-term counter trend bias is bearish at the break of key reversal near the liquidity pool (Supply Zone) at least to test 88.00 level before it continues moving higher.
TVC:UKOILShort
by PropSignals
Long-term bull market or sideways correction structureDear analysts and traders, I hope you are doing well and are motivated for the week ahead. I wish you all the success in your business endeavors. Remember that success in trading lies in consistently defining and sticking to your rules. As someone interested in the Elliott Wave Principle, I find it to be an invaluable tool for market analysis. I have developed my approach by combining this principle with my personal experience and by considering different scenarios that are likely to occur in the market. It should be noted that I do not like to be surprised in the market, and that's why I have different market prospects. I follow them to be sure and recognize the structure that is forming so that I can 100% recognize it. I will share my analysis with you, but please note that I am not providing any buy or sell signals. My perspective on idea analysis is completely unbiased, so if the idea analysis meets your standards, you can use it as a guide to make an informed decision. I have attached my previous analysis of the same market so that you can compare and see the differences. All the details of my analysis are clearly labeled, making it easy for you to understand. However, having a basic familiarity with the Elliott Wave Principle theory will help you understand the analytical idea more easily. I have been studying the Elliott Wave Principle for almost three years now, and over time, my understanding of this knowledge and experience has grown. What I have achieved so far is the legacy of a genius called Ralph Nelson Eliot, and I am really happy with my progress. May peace be upon him. Thank you for your support so far. I will always remember your kindness. Please share your comments and criticisms with me. I hope my analysis will be useful to you in your business journey, and I wish you all the best. Sincerely, Mr. Nobody
FX:UKOILSPOTLong
by Mehdi_Abbasi_EWP
What I expect of Brent in intraday Chart Hello everyone I think after last week that Brent fixed its buyer positions, now it is making a correction for its wave 1 Minor of wave (3) intermediate of ... This counting is so controversial between bearish market fans but as I always say, I do not have any interest to any bullish or bearish market and I just try to make money so I change my strategy when invalidation or confirmations order me to do that. (Sorry for my English if it has many mistakes:)) Thanks
TVC:UKOILLong
by AMA_FX
Brent Crude Oil Demand Spike(WTICOUSD, too)Looking forward to entering Long on BCOUSD after NFP today. Am not too eager to enter, if it happens, its good. If it doesn't happen, I am fine too, since today is Friday, and I have to hold my positions over the weekends. I am used to holding trades over the weekends, however I prefer the weekdays. Therefore, when Mondays roll around, I thank God its Monday! Anyway, our discounted price zone is the 10EMA based on previous Black Friday Sale discounts offered. Price made a kink in the 10EMA discount by offering 20EMA discount yesterday or so, however, I do not believe it would continue giving 20EMA discounts which is bigger discounts, because, the Flag Pole is very big and long, while the flag is minute. As usual, I am very aggressive at cutting losses, and moving my stop loss towards Breakeven and into profits. Once the trade is in, I will immediately shift my stoploss upwards by one tenth of the SL size, because my intention is never to price hit my full R loss. I am wrong many a times, by being too aggressive at cutting losses, moving my stop loss forward, etc and price continues to go in my favour after I am out of the trade, however, the results does show that I am profitable, and so, I will continue with my new ways. I began doing such aggressive SL shifting earlier this year at around February, and it has been profits for me ever since, week on week. 2002SGT 05042024
OANDA:BCOUSDLong
by ProfessionalDuckHunter
UKOIL Bullish Trade OpportunityOverview: Get ready for a potential uptrend continuation in UKOIL! Our charts are painting a picture of bullish sentiment, and we've got the technical set-up to back up our next big move. Technical Analysis: On the 1-hour chart, we've noticed a dip into the golden Fibonacci zone – a classic area of interest for bulls to jump in. It’s an optimal entry spot for those looking to catch the wave up. Switching to the daily, UKOIL is comfortably cruising in an uptrend, channeling between support and resistance levels that have stood the test of time. Trade Strategy: Entry Point: We're eyeing the golden fib level for entry – it's where the magic happens. Stop Loss: To keep things tight and tidy, we've marked our line in the sand just below the recent low. It's our safety net, keeping us clear from any sudden market plunges. Take Profit: We're aiming high! The take profit is set at the peak – the top black line on our chart – because why settle for less when the trend is our friend? Risk Considerations: This isn't about gambling; it's about smart decisions. We've calculated our risk to ensure it's a sum we're comfortable with, should the tides turn against us. Why We're Bullish: The stars have aligned with our technical indicators, pointing to a bullish continuation. We’ve got the rising channel on the daily and a sweet spot on the 1-hour chart that's too good to pass up.
TVC:UKOILLong
by Shyx92
Inflation reignition. UK Brent Crude is looking poised to climb higher to test the 2023 high of $95 per barrel. Technically, the commodity is overbought on the RSI indicator so a pullback and test of the blue support range around $87.50 seems like the next likely move. Additionally, the 50-day MA has now crossed above the 200-day MA which is another strong indicator for a sustained move higher. Commodities are awakening from their slumber which is sparking renewed global inflation fears. Due to escalating global tensions, crude oil has surged more than 10% since the start of March which has seen the price per barrel close above $90 per barrel last week. Precious metals along with industrial metals have also benefitted from the rise in oil prices which has seen the Reuters Core Commodity index climb to a 6-month high. As mentioned previously, the Federal Reserve’s (Fed) fight against inflation is essentially its fight against oil and this recent break-out in commodity prices has poured some cold water on the expectations that the Fed will start cutting rates as soon as June this year.
FXOPEN:XBRUSDLong
by Goose96