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Brentcrude

Brent Crude preparing to rally towards $37.00/38.50Brent crude is finally looking to rally towards the $38.00 handle as Wave 5 seems to be underway. Yesterday's low at $28.87 might have finally terminated the triangle count as Wave 4. If the above counts are correct, we should witness a Wave 5 rally unfolding towards fibonacci 0.618 extension marked on the chart here. Structurally Brent Crude seems to have carved a major bottom around $16.00 levels in April. Since then, bulls have managed to print a series of higher highs and higher lows terminating Waves 1, 2, 3 and 4 as labelled on the chart. Major price resistance is seen around $36.30, the previous Wave 4, and a break higher would confirm that bulls are here to stay. Expect a corrective drop thereafter, before the rally could resume. Strategy: Long against $15, targeting above $37 in the near term. Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOILLong
by ExclusiveMarkets
2
Brent Crude is ready to push towards 37.00 levels Brent Crude might have terminated Wave 4 around 29.34 levels yesterday. As discussed earlier it has unfolded as a triangle consolidation after terminating Wave 3 around 32.00 levels. Brent Crude has been printing higher highs and higher lows since $15.97 lows on April 22, 2020. The wave counts are also pretty clear with 1, 2, 3, and 4 looking to be in place as labelled on the 4H chart here. If the above counts are correct, Wave 5 rally should resume anytime and push above 37.00 handle taking out resistance at 36.30. This would complete the first impulse and also confirm further upside towards the 50.00 handle. A 3 wave corrective drop after 37.00 would provide an excellent opportunity to go long again. Strategy: Long against $15, targeting $37 in the short term. Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOILLong
by ExclusiveMarkets
Brent Crude terminated Wave 3 at 32.24, Wave 4 underway nowBrent Crude is moving higher as expected, terminating Wave 3 at $32.24 handle before pulling back. The commodity is seen to be trading just below $30.00 for now and is expected to carve/terminate Wave 4 towards $25.00/27.00 handle, before resuming higher again. The wave structure has been pretty clear since $16.00 lows in April 2020. It remains just one wave away to complete an impulse rally between $16.00 and $36.00/37.00 handle. If the above counts are correct, we should witness Wave 5 resuming from around $27.00 and reaching up to $36/37, taking out resistance (previous Wave 4) at $36.00. This would also mark a long term bullish reversal against $16.00 lows. Strategy: Long against $15, targeting $36/37 as near term targets. Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOILLong
by ExclusiveMarkets
2
Brent Crude is close to terminating Wave 3 around 29/30 levelsBrent Crude is just a few cents away to hitting 29/30 resistance and potential Wave 3 termination. The commodity has been moving in line with expectations until now and if the counts are correct, we should see a drop towards 25 levels as Wave 4 prepares to unfold. As a general guideline, 4th waves tend to drift around fibonacci 0.382 retracement of the 3rd wave, which is close to 25. Once the corrective drop is complete, Brent should proceed towards 33/34 levels as Wave 5 progresses. Ideally, prices are expected to break above 36 mark, to confirm a long term bullish reversal ahead. Strategy: Long against 15.00, targeting 36.00. Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOILLong
by ExclusiveMarkets
Brent Crude AnalysisThe COVID 19 pandemic that is kneeling the world caused a major drop in oil prices in some cases even reaching levels never seen before. At today's date oil is still in oversupply suggesting a further drop to the downside. But... there is a but, from Our technical prospective Brent Crude has reached it's level of extension and is ready for a retracement. In Our view the price from current levels is aiming a first level of resistance around the 40$ level. Let's watch how price action will evolve in the coming days looking for a perfect set up ;)
OANDA:BCOUSD
by TheTechnicalAnalysts
Brent Crude progressing towards 29.00 as Wave 3 unfoldsBrent Crude remains bullish as it terminated Wave 2, just ahead of 18.48 as highlighted in our previous discussions. The commodity is seen to be trading around 26.38 levels as we write this article and it is just a matter of time before bulls take out 29.00/30.00 resistance, Wave 3 on the chart here. Thereafter, we can expect a corrective drop as Wave 4, before the 5th Wave rally resumes towards 36.00 levels. As a guideline of alternation, Wave 4 could be a triangle or an expanded flat. Structure remains bullish until 15.00 levels holds. Strategy: Long against 15.00, targeting 36.00. Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOILLong
by ExclusiveMarkets
Brent oil (BCOUSD) longI see no reason to short oil. The decision area for me is about $ 23 per barrel, I focus on my broker quotes. I believe that a recession awaits the economy, but we are now closer to the moment of exit from the lockdown and the probability of an increase in oil demand is higher. Asian countries are beginning to come into normal operation, and for them, buying oil at current stock prices is a very interesting idea. Companies engaged in shale oil production are probably close to bankruptcy or a temporary halt in oil production. In May, the first reductions according to the agreement between OPEC and the Saudi Arabia and Russia. I don’t see an opportunity for short. Therefore, I am considering shopping. Be careful, brokers have very high oil swaps now, so it is better to trade futures but only with stop loss without transfer over the weekend! Be careful with this tool!
OANDA:BCOUSDLong
by THG_trader
Brent Crude prepares to rally towards 29.00/30 as Wave 3 resumesAn hourly chart of Brent Crude has been presented here, in continuation to what was discussed last time. After having produced an impulse wave between 15.00 and 22.50 on April 22, 2020; we were expecting a corrective drop towards 18.00/19.00 levels. Today, Brent has formed a low at 18.71 levels before turning higher again. Wave 2, remained shy of fibonacci 0.618 retracement of Wave 1, by a few cents (18.48). Brent is seen to be trading around 19.81 while we write this article and seems to be progressing towards 29.00 levels, Wave 3 on the chart. Structurally, it remains bullish until 15.00 levels hold good. Strategy: Long against 15, targeting 36.00 Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOILLong
by ExclusiveMarkets
2
My Deadliest Prediction On Oil YetOn Monday, while I was doing my weekly market analysis, I saw something I’ve never seen before. For the first time in history, the US WTI (West Texas Intermediate) oil prices crashed below zero. At first, I thought this was just a glitch on my trading platform. But then, just minutes later, it was the breaking news event of the day. When I did the research, I realised that the demand for oil worldwide has been obliterated. And that we can expect a major further drop in Brent Crude oil’s price in the next few weeks. In fact, I’m about to make my wildest prediction yet on why I expect Brent Crude to drop to a shocking $8.11 a barrel. Let me explain… Negative oil prices hit for the first time in history The Coronavirus pandemic and the world lockdowns has sent the demand for oil down (almost 1/3rd of the world’s oil demand). In fact, the world’s demand for fuel has dropped from 100 million barrels a day, when the economy was operating at full capacity, down to just 29 million barrels per day. As there has been a significant drop in demand for global travel, transportation and economic activity, there is a massive oversupply of physical oil. In fact, on Monday we saw US WTI crude oil for May futures drop at -$36 (-300%) a barrel. This tells us that producers were actually willing to pay people to take their oil off their hands as there were hardly any more willing buyers. All over the world traders and producers are looking for a place to put their unwanted oil. For example, in the North Sea there are vessels which have parked for days with gasoline and jet fuel with no where to go. Even in Vopak (the world’s largest oil storage firm), is saying they are at maximum capacity. And President Trump said that his administration would consider blocking oil imports from Saudi Arabia to protect the US shale oil industry. This over-supply lead to the fall in Brent Crude, as it fell more than 26% down to $18.81. This was the lowest level since 2002. And with the continued lockdown impact, it looks like it will fall even further. Brent Crude is set to crash but NOT below 0 I don’t believe for one second we’ll ever see Brent Crude’s price enter a negative territory. To explain this, we need to understand the difference between WTI oil and Brent Crude futures. With WTI oil futures, when the contracts expire (30 April 2020) they will be settled with physical barrels of oil. And so, the majority of investors, traders and market participants will not be able to handle a huge number of cargoes as there is nowhere to store the oil. In fact, they would have to pay someone just to take the oil off their hands… Here’s what Rystad, Head of oil markets at Rystad’s Energy, said in a note: “Essentially, with 108 million barrels worth of contract positions still not closed by the traders in the market, the buyers were rushing for the door to avoid taking physical delivery of crude,” When it comes to Brent Crude, it’s a whole different story when the contract expires. When the contracts expire they’ll be settled with cash rather than barrels. This means, there is no risk of the price going negative, as nobody will pay you to take cash. But it can still fall quite a bit, which the charts agree… With the daily chart of Brent Crude, we can see that since the beginning of April it’s formed a Rounding Top (Shaded area). This is a breakout pattern that resembles a small mountain… During the formation it formed a low price at $22.27 and a high price at $36.43… However, as of last week, the price broke below the low price showing that the sellers were outweighing the buyers. This means, the selling pressure is on and with the demand for oil dropping at a staggering rate, we can expect the price to continue to fall further. And when I use my High-Low calculation, we can see where the next target for Brent Crude will head. Price target = Low - (High - Low) = $22.27 - ($36.43 - $22.27) = $8.11 This means, we can expect the Brent Crude oil’s price to fall another 55% down to $8.11 in the next few weeks.
TVC:UKOILShort
by Timonrosso
Brent Crude ShortBased on current market sentiments and economic principals such as supply and demand factoring in the shock experienced by the Covid-19 pandempic. It will be a difficult time for Brent curde for the near future(3-5months) I believe. We could see WTI Crude test that famous negative future price this month but down it will in coming months. Brent more valuble and showing its endurance will see systematical decreases in the near future with supply and demand dilemma and major upside after the short term despite the relief efforts from fiscal policy and supply cuts. I've set sell positions at: 22-19,50 in the Jun Future and expecting this asset to make a run towards, 14-16 and potential upside from there onwards. Lets see what happens and let me know your thoughts...
TVC:UKOILShort
by Econeo
Brent Crude Hourly Wave Counts Suggest Drop To 18.50Brent Crude hourly chart has been presented here to have a closer look at potential wave counts since 15.00 lows. It is too early to confirm a major bottom at 15.00 but certainly a potential impulse wave might be underway. A break above 36.30 would be considered as reasonable confirmation that the trend has revered for good. At this point, Brent Crude might have produced Wave 1 around 22.50 levels. A corrective expanded flat could be unfolding with potential termination towards 18.50/19.00 levels. If the above counts are correct, it would be good to buy lower for a Wave 3 rally towards 29.00. Strategy: Build long positions around 18.50/19.00, stop at 15.00, target 29.00 and 36.00 Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOILLong
by ExclusiveMarkets
Start taking ADVANTAGE of OIL now!If I were to go long, my entry would be placed at $26 as the probability of a successful rebound is high if the market closes above the high of the current candle. I’d set my stop-loss below the structural support level. If the market breaks below to prove my idea wrong, I’ll just accept it and quit with a small loss. And my profit target would be at the upper bound of the monthly support zone. That gives me a decent risk-reward ratio of 1 : 1.76. Pretty good, huh? On the contrary, I’d wait for a market retest of the structural support level to go short. Thus, my entry would be slightly below the support level. And I’d set my stop-loss at the upper bound of the monthly support zone. “Where would your profit target be?” You may ask. Given the current market outlook, I’d just leave it open for now. That yields me a risk-reward ratio of 1: Infinite, for the moment. Long or Short, what’s your take? Read the full articles on JCP fx training platform. Step 1: Download the JCP (for free) at : onelink.to/sjxych Step 2: Go to Trader Lab to read the full articles for more insights.
OANDA:BCOUSD
by Chriis_Liew
Brent Crude Fibonacci 0.382 extension is at 17.75Brent Crude might have found interim support just ahead 17.75 levels. Since WTI Crude prints 0.01 yesterday, there is only one technical level to be cleared and it is 29.11. Another benchmark for Oil is Brent Crude and we have presented a monthly log chart. Structurally Brent Crude has been in a multi-year corrective wave since 147/50 in July 2008. An A-B-C corrective wave seems to have completed close to 18.00 or might be completing around 16.00 going forward. The recent wave structure from 71.00 highs on January 06, 2020 until today's low at 18.00 is an impulse (5 waves). It has hit the fibonacci 0.382 extension around 17.75 levels which is still a valid 5 waves down. We need to see a clear break above 36.00 levels to confirm a low is in place though. Strategy: Remain flat for now. Allow a break of 36.00 levels first and then look to buy on dips. Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media. Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
TVC:UKOIL
by ExclusiveMarkets
CFDS ON BRENT CRUDE OIL - BUY Earlier today, Barclays cut its crude oil price forecasts for this year on worsening outlook driven by the raging coronavirus pandemic even as the price war between Saudi Arabia and Russia threatens oversupply in markets. According to the bank, UK Brent oil price outlook has been revised lower to $31 per barrel while WTI oil could average around $28 per barrel this year. Crude oil prices are expected to remain under pressure unless the world succeeds in containing the spread of the virus effectively. In addition, Saudi Arabia’s plans to flood markets with cheaper oil amid weakening demand is likely to add extra pressure on oil prices in the near future. According to Barclays, global available onshore storage capacity is now estimated at around 1.5 billion bpd. However, there could be an oversupply of around 5 million bpd this year, with Q2 2020 experiencing an oversupply of as much as 10 million bpd. The bank also noted that the US government’s plans to fill up its strategic oil reserves will be unable to offer support to oil producers in the country. According to data from the US Department of Energy, available SPR storage in the country amounts to less than 80 million barrels, and when filled over six months, would increase demand by just about 0.5 million bpd. This meagre amount is far less than the predicted oversupply global oil markets are set to experience this year. PERSONAL RECOMMENDATION: TVC:UKOIL BUY LIMIT 30.76 SL : 28.25 TP : 36.50 TP2 : 39.50
TVC:UKOILLong
by Lafoks
1