Brent
CRUDE OIL (WTI) Key Levels to Watch 🛢
Here is my latest structure analysis for WTI Crude Oil.
Resistance 1: 88.9 - 90.4 area
Resistance 2: major falling trend line
Resistance 3: 96.9 - 97.8 area
Support 1: 81.2 - 81.9 area
Consider these structure for pullback/breakout trading.
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OIL -12/9/2022-• Oil prices turned bullish recently
• Short term trend is bullish, possible minor head and shoulders in play
• If the scenario is to become true, we are now forming the right shoulder, the last move before the breakout
• Highlighted on the chart is the distance between the head and the neckline which is around 9.00$
• If the bullish breakout occurs, we project this distance to the breakout point
• Target should be around 100 figure, if we get the breakout around 90
• Note: Patterns have a chance of failure quite some times, so it is always recommended to wait for a breakout.
Traders should be patient and try to get as much confirmation as possible such as increasing volume at breakout.
BRENT CRUDE OIL BEARISH PREDICTIONSPrices of petroleum are declining due to increased output by OPEC and United States and weakening demand by the Chinese economy.
RSI index of the Daily graph of BRENT is below the neutral line of 50, and MACD histogram, although still above 0 line, is declining.
If the price keeps falling, it might test its previous support at 91.50 and if it breaks it, it might target levels of 84. Alternatively, it might try to reach levels of 105.5
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$angs.l Angus Energy PLC Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
0.26 12.68% 2.31 2.25 2.30 2.475 2.075 2.075 252,253,435 16:35:09
great fundamentals, expecting positive rns September. active oil wells and ownership. im buying for long term, 30p target
#Brent crude oil cleared 200dma again - bullishChart speaks for itself.. after failing below the 200dma oil has managed to climb back and hold above the 200dma (green).. it has also broken a downtrend which has kept price action moving lower. over the last couple of weeks. odds are for higher oil prices from here.. I have seasonality only peaking at the end of September so it would then suggest we can expect a move higher throughout September