BRENT SELL/SHORTBy utilizing Fibonacci retracement levels, historical patterns, , we can formulate a hypothesis that the market might follow a similar trajectory if bearish sentiment prevails.
XBRUSD trade ideas
The Crossroads of Decision of BRENT
Alex had been sitting in front of his computer for several days, the glow of the screen illuminating his anxious face. He was a novice trader, and the world of forex felt both exhilarating and overwhelming. Today, his focus was on Brent crude oil, a commodity that had captured his attention and his curiosity.
As he stared at the chart, he noticed that resistance was firmly set at 70.60. The price had flirted with that level multiple times but had failed to break through. To make matters more complicated, the chart also displayed a bearish wedge pattern, a formation that suggested potential downside movement. Alex felt his stomach tighten as he tried to decipher the conflicting signals.
"What to do next?" he thought, biting his nails nervously. He had read countless articles and watched numerous tutorials, but the information seemed to swirl in his mind without offering any clarity. Each time he thought he had a grasp on the market, new doubts crept in.
He glanced back at the chart, heart racing. Should he take a position now, betting that the price would drop, or wait for confirmation? He felt the weight of uncertainty pressing down on him. Trading was supposed to be about making informed decisions, but all he felt was confusion.
In a moment of frustration, Alex pushed back from his desk and took a deep breath. He remembered the advice he had read: "Stay calm and stick to your strategy." He had promised himself that he would not rush into trades based on fear or anxiety. Instead, he needed to focus on what the data was telling him.
Returning to the screen, he pulled up a few indicators—momentum oscillators and moving averages. He wanted to see if they aligned with the bearish wedge pattern and the resistance level at 70.60. As he analyzed the data, a clearer picture began to form. The indicators suggested a weakening momentum, reinforcing his sense that a pullback might be imminent.
Feeling a bit more confident, Alex decided that patience would be his ally. He would watch for the price to approach the resistance level again, looking for signs of weakness before making any move. He would set alerts to notify him if Brent approached 70.60, keeping his emotions in check while waiting for the right moment.
With a newfound sense of determination, Alex refocused on his screen. Trading was a journey, and he was learning that sometimes the best action was no action at all. The market would always be there, and he was committed to becoming a smarter, more strategic trader, one decision at a time.
Brent crude oil Wave Analysis – 12 March 2025
- Brent crude oil reversed from the pivotal support level 68.55
- Likely to rise to resistance level 71.30
Brent crude oil recently reversed from the support area between the pivotal support level 68.55 (former multi-month low from September) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the earlier downward impulse waves 3 and (3).
Given the strength of the support level 68.55 and the oversold daily Stochastic, Brent crude oil can be expected to rise to the next resistance level 71.30.
Brent Crude Bearish ahead of US weekly inventoriesThe Brent Crude Oil price action sentiment remains bearish, aligned with the prevailing long-term downtrend. Recent price movements suggest a potential oversold rally approaching a critical resistance zone.
Key Levels and Price Action
The primary trading level to watch is 71.73, representing the current intraday swing high and falling resistance trendline. An oversold rally toward this level, followed by a bearish rejection, could indicate continued downside momentum. In this scenario, the next support targets are at 69.72, 68.80, and 68.25 over the longer timeframe.
Conversely, a confirmed breakout above the 71.73 resistance level, accompanied by a daily close above it, would invalidate the bearish outlook. This breakout could trigger further rallies, targeting the next resistance levels at 72.68 and 73.65.
Conclusion
The sentiment remains bearish as long as the 71.73 resistance level holds, with potential downside targets at 69.72, 68.80, and 68.25. A confirmed breakout above 71.73 would shift the outlook to bullish, opening the way for potential rallies toward 72.68 and 73.65. Traders should closely monitor the price action and daily closing levels to gauge potential sentiment shifts and trading opportunities.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
It's a LAUGH but Brent looks like it's heading to $56This looks like a JOKE.
But when you look at the DAILY chart - text book says the price is going to hit $56.13!
As long as the price remains below the DOwntrend, it will seem feasible and there may be a few fundamental reasons for such downside.
Oversupply 📈: Too much oil flooding the market is keeping prices low.
Economic Slowdown 📉: Sluggish global growth is cutting demand.
Green Shift 🌱: More focus on renewables means less reliance on oil.
US Production 🚀: A boost in US shale adds extra supply.
Speculation 🔮: Traders betting on drops are fueling the downward trend.
Technicals
M Formation has formed and the price broke below the neckline.
We have seen the price stay below 20MA and 200MA - BEARISH
Target $56.13
WHat do you think?
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Brent Crude Struggles at $69 as Global Demand Risks MountBrent crude hovered around $69 per barrel on Tuesday as concerns grew that U.S. tariffs could slow economic growth and weaken oil demand. Tariffs imposed by President Trump on major suppliers like Canada and Mexico, along with China’s retaliatory measures, heightened fears of a global slowdown.
China’s deepening deflationary pressures further weighed on crude prices despite stimulus efforts. On the supply side, Russia’s Deputy PM Alexander Novak confirmed OPEC+ plans to boost production in April but noted the decision could be reassessed if market conditions shift.
Technically, the first support is at $68.1, with subsequent levels at $65 and $63.6. On the upside, the initial resistance is at $70.2, followed by $73.3 and $75.80.
Crude Tests Key Support: How to Trade ItAfter a steady decline in recent weeks, Brent crude is currently testing a key level of support. Let's take a look at what's caused this year’s sell-off and the two scenarios that may play out at support this week following OPEC's upcoming report on Wednesday.
OPEC’s Output Shift Sparks Sell-Off
Brent crude’s sharp decline has been driven by a combination of factors, with OPEC+ announcing plans to bring back production in April, a larger-than-expected build in U.S. crude inventories, and renewed concerns over demand.
OPEC+ members Saudi Arabia, Russia, and the UAE are set to unwind a portion of their voluntary production cuts next month, adding to market fears of a supply glut. Although OPEC’s official statement suggested these additions could be paused or reversed based on market conditions, traders have responded with skepticism. The announcement triggered a fresh wave of selling, with Brent crude now down over 6% this year.
Adding to the pressure, U.S. crude stocks surged by 3.6 million barrels —well above analyst expectations—further dampening sentiment. Meanwhile, concerns over the impact of Trump’s latest round of tariffs have weighed on the demand outlook, with markets fearing a broader economic slowdown could hit energy consumption.
The result? Energy stocks have tumbled alongside crude. The Energy Select Sector SPDR Fund has slumped over the past week, with Big Oil names like Exxon Mobil, Chevron, and Occidental Petroleum all posting losses. With sentiment already fragile, OPEC’s upcoming Monthly Oil Report will be key in determining whether the market sees a reason to stabilise—or continues its downward slide.
Brent Crude: A Key Test at Support
Brent crude’s seven-week downtrend has taken prices back to a major support level at the September spike lows. Last week saw an initial bounce from this area, but the rally struggled to break through the steep descending trendline that has defined the market’s decline over the past month.
Analysing a market across multiple timeframes can provide a clearer picture of trend strength and potential reversals. On the daily chart, Brent is testing a well-established support zone. However, the hourly chart reveals two possible scenarios that traders should watch closely:
1. A Double Bottom Reversal: If last week’s swing lows hold, Brent could form a double bottom on the hourly chart. This would indicate that buyers are stepping in, potentially leading to a counter-trend rally. If price clears the descending trendline, this could confirm a short-term bullish reversal.
2. A Breakdown Below Support: If Brent decisively breaks support on elevated volume, it would signal that bearish momentum is accelerating. In this case, traders may look to short pullbacks, using previous support as resistance and targeting lower levels.
With Brent sitting at a major inflection point and OPEC’s report due midweek, volatility could pick up in the coming days. Whether this key support holds or gives way will determine the next leg of crude’s trend.
Brent Oil Daily Candle Chart
Past performance is not a reliable indicator of future results
Brent Oil Hourly Candle Chart
Past performance is not a reliable indicator of future results
Disclaimer: This is for information and learning purposes only. The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. Social media channels are not relevant for UK residents.
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UKOIL buy tradeThe Relative Strength Index (RSI) is showing an upward trend, indicating increasing momentum. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover, further supporting the potential for an upward move.
Brent Long H4Remember, successful trading relies on proper risk management and a disciplined approach. Use stop-losses to safeguard your assets and carefully plan each trade. Analysis is the key to making informed decisions. Stay updated and continue refining your strategies!
"UK oil / Brent" Energy Market Heist Plan🌟Hi! Hola! Ola! Bonjour! Hallo! Marhaba!🌟
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Based on 🔥Thief Trading style technical and fundamental analysis🔥, here is our master plan to heist the "UK oil / Brent" Energy market. Please adhere to the strategy I've outlined in the chart, which emphasizes long entry and short entry. 🏆💸Book Profits, Be wealthy and safe trade.💪🏆🎉
Entry 📈 :
"The loot's within reach! Wait for the breakout, then grab your share - whether you're a Bullish thief or a Bearish bandit!"
Buy entry above 77.00
Sell Entry below 74.00
However, I recommended to place buy stop for bullish side and sell stop for bearish side.
Stop Loss 🛑:
-Thief SL placed at 75.30 (swing Trade Basis) for Bullish Trade
-Thief SL placed at 75.70 (swing Trade Basis) for Bearish Trade
Using the 2H period, the recent / nearest low or high level.
SL is based on your risk of the trade, lot size and how many multiple orders you have to take.
Target 🎯:
-Bullish Robbers TP 81.50 (or) Escape Before the Target
-Bearish Robbers TP 71.30 (or) Escape Before the Target
📰🗞️Fundamental, Macro Economics, COT data, Sentimental Outlook:
🛢️"UK oil / Brent" Energy market is currently experiencing a Neutral trend (there is a higher chance for Bearishness)., driven by several key factors.
🔥 Fundamental Analysis
The global oil market is experiencing a slight imbalance, with supply exceeding demand. OPEC has agreed to extend production cuts, which may help stabilize the market. However, US shale oil production is expected to continue growing, potentially putting downward pressure on prices. Global economic growth is expected to slow down, which may reduce demand for oil.
🔥 Macro Economics
The global economy is facing headwinds, including inflation, interest rate hikes, and geopolitical tensions. This may lead to reduced demand for oil and a potential decrease in prices.
🔥 COT Data
Commercial Traders: Net short 55,000 contracts
Non-Commercial Traders: Net long 30,000 contracts
Trend: Commercial traders are increasing their net short positions, indicating a potential bearish trend. Non-commercial traders are decreasing their net long positions, also indicating a potential bearish trend.
🔥 Sentimental Analysis
70% of client accounts are long on UKOIL, indicating a bullish sentiment among traders. However, some analysts predict a potential bearish trend due to supply and demand imbalances.
🔥 Technical Analysis
The short-term trend is bearish, while the long-term trend is neutral. A head and shoulders pattern is forming, which may indicate a potential reversal. The key trading level is at 7685, 20 Day Moving Average level.
🔥 Geopolitical Analysis
Middle East tensions, US-Iran relations, and global trade agreements are affecting the oil market. The conflict in Ukraine and potential sanctions on Russia may disrupt global oil supply flows.
🔥 Inventory and Storage Analysis
US crude oil inventories are at average levels, indicating a balanced market. However, global oil storage levels are high, indicating a surplus of oil.
🔥 Seasonal Analysis
Oil prices tend to be higher during the winter months due to increased demand. The calendar spread is in contango, indicating a surplus of oil.
🔥 News and Events Analysis
The market is awaiting the Federal Reserve's crude oil data, which may shed more clarity on the near-term trend. OPEC meetings and US economic data are also expected to impact the market.
🔥 Quantitative Analysis
Statistical models indicate a high probability of a price decline. Machine learning algorithms predict a potential bearish trend.
🔥 Intermarket Analysis
Oil prices are highly correlated with the US dollar index. There is a divergence between oil prices and the S&P 500, indicating a potential reversal.
🔥 Overall Outlook
The UKOIL market is expected to experience a bearish trend in the short term, driven by supply and demand imbalances, geopolitical tensions, and technical indicators. However, the long-term trend remains neutral, with potential for a reversal. Traders should be cautious and monitor market developments closely.
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As a reminder, news releases can have a significant impact on market prices and volatility. To minimize potential losses and protect your running positions,
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Avoid taking new trades during news releases
Use trailing stop-loss orders to protect your running positions and lock in profits
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UKOIL from an Elliott Wave perspectiveThis Wave starting from the Wave C marked in black is the first wave of a 3 wave move move of a Flat. This wave expressed itself in a 5 Wave move and on its completion will be named Wave A. A correction to the upside would occur and on its completion, would be named Wave B. A Wave C would then follow to complete the B of a Flat.
The Inevitable Descent of UKOILIn the shadow of a market that continues to revel in its own delusions, I find myself compelled to address the elephant in the room – or rather, the oil in the barrel that is UKOIL. We stand on the precipice of what I predict to be a significant correction, one that will see UKOIL prices plummeting to the region of $48 per barrel.
Why the Fall?
OPEC+'s decision to phase out additional output cuts by September 2025, announced in June last year, is a clear signal. The return of 2.2 million barrels per day to the market, should market dynamics permit, will flood an already saturated market. Despite the rhetoric of control, the reality is that OPEC+'s spare capacity, currently at 5.9 million barrels per day, limits any significant price increase. This, coupled with near-record production levels from non-OPEC countries like the United States, sets the stage for an oversupply scenario. The notion that demand will continue to grow unchecked is flawed. Global oil consumption growth is expected to slow dramatically from 2.3 million barrels per day in 2023 to 1.1 million in 2024, with similar levels in 2025. This deceleration is driven by multiple factors including the rise of electric vehicles, increasing efficiency in traditional vehicles, and a stuttering economic recovery in major markets like China. The market's current bullishness is more sentiment than substance. Indicators like the Stoch RSI currently at 77.9 suggest we are nearing overbought territory, a strong indication that a reversal could be imminent. This high reading, combined with the parabolic SAR signaling an upward trend now, might just be the last gasp before a significant correction.
The technical and fundamental analyses converge on a bearish outlook. Long Forecast anticipates Brent oil, which closely tracks UKOIL, to hover around $60-$65 by 2026 before a potential rebound. This, combined with other forecasts suggesting a further decline in demand, paints a picture not of a soft landing, but of a sharp descent. If we extrapolate current trends and market sentiment shifts, $48 is not just a possibility but a probable near-term floor.
Investors should consider reducing exposure to oil-related equities or hedge against the risk through diversification into non-correlated assets. For those with the stomach for risk, this scenario presents a unique opportunity to short UKOIL CFDs. In closing, let us not be swayed by the siren song of current market highs. The fundamentals, much like gravity, will eventually pull prices back to earth. Prepare for the storm, for it's not a matter of if, but when.
Horban Brothers.
Alex Kostenich
Brent Crude Bearish ahead of US weekly inventories dataBearish Scenario:
Brent Crude remains in a bearish trend, with price action aligned with the prevailing longer-term downtrend. The key resistance level to watch is 71.68. If an oversold rally occurs but faces rejection at this level, the downtrend is likely to resume, targeting 69.90, followed by 69.33 and 69.00 as the next downside support levels over a longer timeframe.
Bullish Scenario:
A confirmed breakout above 71.68 and a daily close above this level would negate the bearish outlook. This could lead to further upside movement, with resistance targets at 72.20, followed by 72.67.
Conclusion:
The broader sentiment remains bearish, but 71.68 serves as the key pivot level. A rejection from this resistance would reinforce the downside bias, while a breakout above it could signal a shift toward bullish momentum. Traders should monitor price action around this level to confirm the next move.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Brent Crude Price Breaks Key Support LevelBrent Crude Price Breaks Key Support Level
Today, Brent crude is sliding towards the psychological $70 per barrel mark, with the XBR/USD chart showing a break below a key support level (marked in blue) that had been holding since autumn last year.
Why Is Brent Crude Falling?
The bearish sentiment in the market is driven by OPEC+’s decision to increase oil production, contrary to analysts’ expectations that existing output cuts—designed to support prices—would remain in place.
According to the Wall Street Journal, analysts now predict:
→ Oil production will rise by 137,000 barrels per day from April 2025 to September 2026.
→ Brent crude may drop below $70 per barrel.
Technical Analysis of XBR/USD
From a long-term perspective, Brent crude is forming a descending channel (marked in red), connecting the April and July 2024 peaks. The break below this support level could signal a renewed downtrend following a prolonged period of consolidation.
If XBR/USD sees a short-term recovery from its yearly lows, key resistance levels to watch include:
→ The midline of the descending channel.
→ The former support level (marked in blue).
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Brent Wave Analysis – 3 March 2025
- Brent broke support zone
- Likely to fall to support level 70.50
Brent recently broke the support zone between the support level 74.00 and the support trendline of the daily up channel from September.
The breakout of this support zone accelerated the active intermediate impulse wave (3) from the end of February.
Given the clear daily downtrend, Brent can be expected to fall to the next support level 70.50 (former strong support from September to November).
Brent UK Spot OilBrent UK Spot Oil
Brent crude is moving in a downtrend direction until
it reaches the support point at :
70.618
69.744
It is expected to change direction and move in
an uptrend direction and then reach the targets:
BRENT weaker after inventories and tariffs expectationsThe BRENT Crude (Brent Crude) price action sentiment appears bearish, supported by the longer-term prevailing downtrend.
The key trading level is at 7444, 13th and 24th February swing low level. An oversold rally from the current levels and a bearish rejection from the 7444 level could target the downside support at 7245 followed by 7134 and 7050levels over the longer timeframe.
Alternatively, a confirmed breakout above 7444 resistance and a daily close above that level would negate the bearish outlook opening the way for further rallies higher and a retest of 7530 resistance followed by 7640 levels.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Declining Brent and the New Energy ParadigmBy Ion Jauregui - ActivTrades Analyst
Yesterday, marked by uncertainty and transformation in the energy sector, Brent crude oil for April delivery closed the London futures market session down 0.67% at $72.53 a barrel. This drop, which translated into a fall of 0.49 dollars with respect to the last trading on the Intercontinental Exchange (NYSE:ICE) - where the price had reached 73.02 dollars - reflects the volatility that currently characterizes the energy markets. Brent, considered the European oil benchmark, is experiencing fluctuations that respond both to geopolitical factors and to the strategic decisions of the major oil companies. In this context, there were important news on the international scene: the President of the United States, Donald Trump, and the Ukrainian President, Volodymir Zelenski, plan to sign this Friday an agreement in which Ukraine will share its natural resources. According to sources, this pact aims to bring about a “secure peace” in the country, which could redefine the flow of energy supplies and, in turn, impact the stability of crude oil prices.
On the other hand, the reorientation of BP's corporate strategy adds another layer of complexity to the scenario. The British oil company announced that it will reduce its investments in renewable energies, figures that reached 5 billion dollars a year (approximately 4.75 billion euros), to focus on increasing crude oil and gas production. This strategic shift is part of the search for higher operating profits, in a context in which the energy transition has generated debates on the short and medium-term profitability of sustainable investments versus the traditional hydrocarbon business. BP's decision could be interpreted as a sign that, despite growing pressures to adopt cleaner energy sources, some market players are choosing to consolidate and leverage their operations in the fossil fuel sector. The strategy of cutting investments in renewables in favor of oil and gas production not only seeks to improve profit margins, but also to take advantage of the current situation of moderate market prices, despite the fluctuations evident in futures.
The combination of these factors-the imminent signing of the Trump-Zelenski deal and BP's reorientation-suggests that the oil market is at an inflection point. On the one hand, the Ukraine deal could have implications for supply and, potentially, natural resource geopolitics, while on the other, BP's strategy could incentivize other companies to rethink their investments in the context of an accelerated energy transition.
Technical analysis
If we look at the chart it is possible to see that on February 3rd, 11th and 20th we have witnessed three resistances in oil's attempts to move up and recover price positions. The bearish slide initiated on the 20th has been prolonged until Monday, yesterday being a sideways day, the Asian session and today's European opening seems to have kept the price unchanged. Looking at the crosses of averages we have a bearish cross of averages started last Friday that has been widening its space. The RSI has marked a recovery from the excessive oversold 20% of the afternoon session and currently marks a recovery zone at 45.81%. It appears that the Christmas supports at $71.61 are holding for the time being after yesterday's small bounce. It is very likely that Trump's move will continue to pressure through tariff releases a bearish oil value to directly penalize the BRICs group countries very dependent on this particular asset.
While the 0.67% decline in Brent may appear moderate, taken together with these developments, it reflects a juncture in which political uncertainty and strategic restructuring are combining to influence prices. The evolution of these factors will be decisive in determining the direction of the market in the coming weeks, both in terms of supply and demand. All in all, today's trading day evidences a changing energy landscape, with political and corporate players reconfiguring their strategies in the face of an increasingly dynamic and complex global environment. With the natural resources agreement on the horizon and BP's renewed commitment to hydrocarbons, the oil sector is preparing to face new challenges and opportunities in an era of change. Tomorrow's trading day will be relevant to see the U.S. oil inventories that can move the energy market.
*******************************************************************************************
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All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
Brent Crude Oil Short Setup: Break Below $72.73 for Further DownTrade Idea:
Brent crude oil has been in a strong downtrend, with price currently consolidating near the $72.73 support level. The Fibonacci retracement suggests that price has struggled to reclaim key levels, and a breakdown below $72.73 could open the door for further downside momentum.
Entry:
Look for a confirmed break and retest of $72.73 as resistance to enter a short trade.
A strong bearish candle close below this level increases the probability of further declines.
Targets:
First target (TP1): $71.17 (1.618 Fibonacci extension)
Second target (TP2): Psychological level at $70.50
Stop Loss:
Above $73.30 (recent consolidation highs), ensuring risk-reward remains favorable.
Risk Management:
A tight stop-loss strategy is crucial to avoid potential reversals.
Adjust the stop-loss to breakeven once price reaches the first target.
Confirmation Indicators:
Increased selling volume after the breakdown.
RSI and MACD confirming bearish momentum.
This setup provides a high-probability short opportunity if Brent crude oil continues its downward trajectory, respecting technical levels.
#024 Trust The Process BCOUSD 1336SGT 25022025Buying BCO.
Shall see what happens next.
Price is currently at Major Support area, so, I think, unless if you are a contrarian trader, otherwise you would be buying in this situation.
Of course, besides contrarian traders, there would be breakout traders, people seeing the " build up ", and all kinds of ideas.
And I think, most traders lose money. Why? I am also a long term loser, hahaha. I have no idea why I lost for almost 10 years, too. March 2025 is my 9th year trading forex.
I'm a short term winner, long term loser.
1339SGT 25022025
UKOIL (Brent Crude)UKOIL (Brent Crude) has recently tested a strong support level at $73.80, where buying pressure has prevented further declines. This level has historically acted as a significant price floor, indicating a potential reversal or continuation of bullish momentum.
Bullish Scenario:
As long as UKOIL remains above $73.80, we can expect an upward move toward the next resistance levels.
The first key resistance is at $74.70, a level where sellers have previously shown interest.
If price action remains strong, the next upside target would be $75.30.
Bearish Scenario:
If UKOIL fails to hold $73.80 and breaks below this level, it may signal a further decline.
BuyyyyyyOil ,Just buy to that zone thank me later,Oil is oversold or price is wayyyyyyy to lowwww so buying to the next zone makes sense ,you can even hold it up to the 77 price range
Uk Brent oil at support area. It might bounce backTVC:UKOIL
UK Brent oil at support zone. Probability is high that it will bounce back from current zone and at least make 1% move. Stop loss should be strict and below the support area. Since it took support multiple times so support become weak now.
