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Brent

CRUDE OIL (WTI): Top-Down Analysis & Your Trading Plan 🛢️ Have you seen that sell-off on WTI?! The market was falling like crazy, breaking one key level after another. Now the price is on a key daily horizontal support. I see a nice double bottom on 1H time frame that can give us a perfect confirmation to buy. Wait for 1H candle close above 82.92 - its neckline. Then buy aggressively or on a retest with goal - 84.4 Alternatively, if the price sets a new lower low, the setup will become invalid. ❤️Please, support my work with like, thank you!❤️
TVC:USOILLong
by VasilyTrader
9
Oil to bounce to test $94I think oil will now bounce to test $94. I'm short term bullish; medium term bearish. Oil took a hard dive "low liquidity run" through the previous swing-low which was taken out. The next swing-low is $77-ish. But we are hitting 20 week MA and prior old highs at the same time. Thus the slow stochastic weekly losing embedded (was above 80 now falling below 80) means a run to the 20week MA was likely. The next few days will show whether or not this confluence of old highs and 20week is strong enough to arrest oil's fall towad the liquidity pool (swing low) of $77. My trade has been to open longs using credit-puts below that $77 level where there should be much stronger resistance than the confluence already mentioned. Counter thesis is that the price cheese-knife's toward the $77 liq pool which could accelerate a sell-off. 20 Week is the "hold the line" for the trade.
NYMEX:CL1!Long
by DarthTrader1357
Impact of Fed's Interest Rate Hikes on Gas and OilOn October 4, 2023, the OPEC+ ministerial panel did not make any changes to the group's oil production policy after Russia and Saudi Arabia announced continued voluntary supply cuts to support the price of black gold. However, Brent and WTI crude futures have fallen more than 13% over the past week on concerns that central banks could raise interest rates again to more aggressively fight inflation. In addition, rising unemployment and the slower pace of China's economic recovery are also putting further pressure on oil prices. On the other hand, the US and European Union economies remain strong despite numerous problems, including high inflation and geopolitical tensions due to the military conflict between Russia and Ukraine. Thanks to stronger-than-expected consumer spending, global economic growth continued into the third quarter of 2023. From the point of view of technical analysis, we believe that on September 28, the global wave (3) was completed, which, as it should be, was the longest and strongest wave, which is also reflected in the fact that this asset attracted the attention of the mass public. On October 5, 2023, wave A was completed, which belongs to a larger corrective pattern of the (4) wave, implying a continuation of the downward movement of the Brent crude oil price after reaching a strong resistance zone in the $89-$90 range. By the end of the fourth quarter of 2023, we expect the price to reach $77-$78. In addition, global oil prices are under pressure, partly because gas storage facilities in Europe are full. It should be noted that oil prices and the US Dollar index (DXY) are often inversely correlated, meaning that when the DXY rises, oil prices usually fall and vice versa. So, in recent weeks, the dollar has been strengthening, making oil more expensive for countries using other currencies, which reduces demand for it and, as a result, oil prices.
NYMEX:CL1!
by ALLKA_RESEARCH
1
SasanSeifi 💁‍♂️Brent 👉1D🔼 90 / 94 Hey there! 😊 On the daily chart, As you can see, the trend turned quite bullish after it broke past that pesky resistance at 78 and overcame the dynamic resistance too. Right now, it's hanging out around 86. Fingers crossed, if it stays above the 82 mark, we could see it making its way up to the 90.70 resistance level and even touching the long-term supply zone. If it keeps climbing, we'll want to keep an eye on how it interacts with those resistance spots. Let's see where it goes from here! 🚀 Just keep these scenarios in mind as you analyze the market. Remember, things can always change unexpectedly, so stay flexible in your trading approach.❗ Wishing you loads of success in your trading adventures, my friend!✌ ❎ (DYOR)...⚠️⚜️ Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help! And if you found my analysis helpful, I would appreciate it if you could show your support by liking and commenting. Thank you!🙌
BLACKBULL:BRENTLong
by SasanSeifi
TradePlus-Fx|EURUSD: complicated situation💬Description: The situation is quite complicated in terms of finding an entry point today. Most likely, one should wait for the American session, where everything may become clearer. It is clear that the currency pair is still under selling pressure. All buy-trades (countertrend trades), are made exclusively intraday with a small stop loss. Today, the release of data on the labor market is expected, which may immediately cause volatility in the market. Here you should be careful, and there is a possibility of updating local minima (look at the chart). It is best not to set targets above 1.05194. 🔔 FX CALENDAR TODAY 🔔 🇺🇸JOLTs Job Openings ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
by TradePlus-Fx
10
Odd things in the oil market, reminiscent of 2022 market topRecently, more and more financial institutions have been upgrading their price targets for oil. Mostly, these forecasts were upward of $100 per barrel, with JP Morgan and some other financial entities forecasting prices as high as $150 in the coming months. About three weeks ago, we tweeted that these statements are very reminiscent of those made in the second quarter of 2022 when many of the same corporations upgraded their forecasts right at the market top (to $150, $200, etc., depending on the entity). While $100 per barrel could be in play if OPEC and OPEC+ (mainly referring to Saudi Arabia and Russia in this regard) manage to maintain production cuts and the U.S. stops releasing oil from the Strategic Petroleum Reserves, we are very skeptical about the ultra bullish calls out there. The first reason for our view is that if the global economy continues slowing down and heads into recession, we will likely see oil demand falling. The second one, which surprises us, is that the Biden administration has not started filling up Strategic Petroleum Reserves despite planning to do so earlier this year (plus, despite oil falling below $70), which makes us wonder why the administration is not buying. Could it be that they completely miscalculated their game and missed the chance, or are they expecting a better opportunity to come (supposedly better than $64 per barrel)? We honestly do not know, but it is very odd, to say the least. Illustration 1.01 The picture above shows the monthly chart of U.S. crude oil production. From the start of 2023 through June 2023, U.S. crude oil production has grown by more than 500,000 barrels per day (by more than 4%). Illustration 1.02 Illustration 1.02 displays the daily chart of USOIL and simple support/resistance levels. Technical analysis Daily time frame = Bearish Weekly time frame = Neutral Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOIL
by Tradersweekly
14
Oil Brent - H4Oil Brent You can already see the formation of an ABC correction - if the price does not form a full-fledged three-wave structure and turns the trend downward. The nearest target is at 87.50 What can you expect now? You can consider entering from current price levels, but reduce the risks . When opening a position, it is best to exit the position from the level of 91.50, if this scenario does not materialize. You should be careful, as this is a correctional formation. Targets 89.15 - 88.20 - 87.50
TVC:UKOILShort
by Trade_Hive_Signals
TradePlus-Fx|EURUSD: start of the week💬 Description: The attempt by buyers to recover on Friday did not justify itself, and the currency pair is still a sell priority. Level 1.06167 has proven itself to be a mirror level, which in turn confirms the current sales. The daily level of 1.05194 has shown itself only once so far, and its retest is expected in the very near future. An update to the current low is highly likely. Considering the economic calendar for this week, you can count on some pretty strong movements. It is expected that the first half of the week will take place within the framework of a downward movement; by the end of the week, there is a possibility of an upward correction. 🔔 FX CALENDAR TODAY: 🇺🇸ISM Manufacturing PMI 🇺🇸Fed Chair Powell Speaks ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
Short
by TradePlus-Fx
14
TradePlus-Fx|GOLD: aggressive shorts💬 Description: Aggressive shorts significantly pushed buyers beyond the level of 1900 , thus we are now trading in the short zone. However, it should be noted that the fall is fading and an upward correction can be expected in the near future. The instrument will most likely update its minimums this week. After this, in the 1860 area, a reversal can be expected. The entry point will be available only after it has been formed; it is not recommended to enter into the “emptiness” without confirmation. 🔔 Let’s not forget about today’s data, especially before and at the beginning of the American session: 🇪🇺 ECB Economic Bulletin 🇪🇺 Consumer Confidence 🇪🇺 Consumer Inflation Expectation 🇩🇪 German CPI 🇺🇸 Initial Jobless Claims 🇺🇸 GDP 🇺🇸 KC Fed Manufacturing Index 🇺🇸 Fed Chair Powell Speaks ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
OANDA:XAUUSDLong
by TradePlus-Fx
18
TradePlus-Fx|USDCAD: mid-term view💬Description: As a result of yesterday's trading day, the currency pair closed above the level of 1.35019 , which is a very significant event, especially for buyers. The dollar continues to exert pressure across the board, and with the daily close above this level, this trend for USDCAD will continue. However, most likely, growth is limited and setting targets above 1.36447 would even be naive. The medium-term prospects for this instrument are more interesting. Here, you should most likely expect sell-priority. The accumulation volume is distributed in such a way that a big player is likely to change the direction of the market, since the “market crowd” will satisfy his request and close all his longs. For the “crowd”, this is a loss. Here we highlight two scenarios for the development of events, respectively, and two options for entering a sell on the USDCAD currency pair. Both options are shown on the chart. Of course, the entry point in the second scenario will be stronger for the seller, but one can gain a medium-term position according to the first scenario. ➖➖➖➖➖➖➖ 🚀 Thank for your BOOSTS 🚀 👇 Share your views and FOLLOW US 👇
Short
by TradePlus-Fx
7
Strifor || USDJPY-09/29/2023Preferred direction: Neutral Comment: There is no need to expect shorts just yet, and most likely the best option would be to wait for the approach to level 150, from where one can gradually gain shorts. Entry into the sale of this currency pair is meant to be multi-level. In the medium term, before the fall, it will most likely exceed the level of 150. In this scenario, it is expected to gain shorts several times. In a more positive scenario, the pair will fall from the 150 level, but it should be noted that this is unlikely. Thank you for like and share your views!
by Strifor
1
Oil Soars to 2023 Highs: Sets New Support Levels? WTI crude futures surged by 3.5% on Wednesday, briefly reaching above $94, marking their highest settlement price of 2023. This impressive rally followed the release of EIA data indicating a larger-than-expected decrease in US crude inventories, showing a 2.17 million barrel drop in the past week. In parallel, Brent crude futures saw a substantial increase of 2.8%, reaching $96.55 and even breaching the $97 threshold during the trading session. Market sentiment is increasingly concerned about tightening supplies as we approach the northern hemisphere winter. Earlier in the month, major OPEC+ players, Saudi Arabia and Russia, extended supply cuts of 1.3 million barrels through the end of the year. The question that looms is whether oil can fall below the recent lows of $88.00 per barrel without a decision to raise production? And if we don’t see the impetus for oil to keep going higher, how well do we think the recent higher highs ($92.65) and lower highs ($91.30) will fare against some potential corrective downside pressure?
BLACKBULL:USOIL.F
by BlackBull_Markets
Brent - H4\D1Brent crude oil The channel is closed and consolidated, which allows us to expect a continuation of the upward movement towards the target of 96.14 (discussed in the previous analysis). What can you expect now? You can consider an entry from a breakdown of the level of 93.27. In the case of a local movement, we can also expect a correction to the levels 92.17 – 91.83 and the opening of a position. When opening a position, it is best to exit the level of 90.23 if this script is not implemented. Targets 93.84 – 95.04 – 96.14
TVC:UKOILLong
by Trade_Hive_Signals
CRUDE OIL (WTI) Detailed Technical Outlook 🛢 I received a lot of questions about WTI Crude Oil. Analyzing a weekly time frame, we can spot that the market is currently approaching a significant supply zone. Even though we see a strong bullish rally since the beginning of summer, I will anticipate a further growth only after a bullish violation of that entire area: 92.5 - 97.8. Alternatively, analyzing a daily time frame, we can identify a recent retracement from the underlined red area and a strong daily support that was nicely respected. At the moment, I also see a completed cup & handle pattern there. A bearish breakout of its neckline - daily candle close below 87.5 will be your bearish confirmation. I am monitoring oil closely and if I see a good trading setup, I will definitely share that with you. ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
6