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Brentcrude

Another Move Higher for Brent Crude Oil, Towards 89.25Trend Analysis The main view of this trade idea is on the 2-Hour Chart. The commodity Brent Crude Oil (BCO) has been in a rangebound movement since mid-October 2021, with resistance around the 86.50 price level and support observed around the 83.55 price level. Expectations are for a breakout higher towards 89.25. Failure of this move will be seen if BCO breaks below 83. On the longer termed Daily chart, BCO has had quite a rally thus far, with a low around the 65.213 price level, the commodity is 31.7% higher. A change in trend will be determined if BCO were to decline below 81.693. Technical Indicators BCO is currently trading above its short (50-MA), medium (100-MA) and long (200-MA) fractal moving averages. The commodity is currently in an uptrend. The RSI is trading above 50 and there has been a positive crossover on the KST. This suggests another move higher for the commodity. Recommendation The recommendation will be to go long at market, with a stop loss at 83.00 and a target of 89.25. This produces a risk/reward ratio of 1.14 Disclaimer The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.
OANDA:BCOUSDLong
by Ceddy86
Crude Oil Is Close to Setting New HighsCrude prices continue their steady rise as the Brent crude benchmark is trading close to $77.40 per barrel. The July high is at $77.84 per barrel, well within arm’s reach. The rise in crude prices continues for the fourth consecutive day as investors digest the recent damages to the U.S. oil industry caused by two recent hurricanes. The damages were confirmed by the Energy Information Administration (EIA) data that showed a decline of crude reserves to 414 million barrels, a record low since October 2018. This week EIA recorded a drop of oil reserves by 3.5 million barrels or 0.8%, and this is the seventh week of declines in the row. As I said before, Brent crude oil has a potential to rise to $82 per barrel if we consider the height of the downward channel  to be the price that has been broken through recently. A decline of prices to $73.26 per barrel was just a test of the new support level that was formerly a resistance level. So, we may say that further hikes in prices is quite possible even if prices are at record highs for several months. However, we may have a short-term correction to the area of $76.50-76.60 per barrel, where the support level of the upward trend from September 21 is located. Anyway, any correction now is a good chance to open buy positions. Moreover, if we look at the monthly timeframe we may find a “triple tweezers” candlestick pattern at $65-67 per barrel. Such a pattern indicates a high possibility for the bullish trend to continue. Oil may surge to $90 a barrel if the approaching winter in the northern hemisphere proves colder than normal, said Jeff Currie, global head of commodities research at Goldman Sachs Group Inc. Tightening gas supplies in Europe will elevate demand for oil as an alternative at a time when global crude output is constrained, Currie said during a Bloomberg Television interview on Wednesday. Post-hurricane disruptions in the U.S. Gulf of Mexico were among the worldwide factors he cited. Backer Hughes oil rigs count report may affect crude prices later on Friday after the company has reported active rigs at 512 including oil rigs at 411 units as of September 17.
ULong
by scavoanastasiia
UKOIL (Brent Crude Oil) : 1Month TFWell, as we can see, we are technically reviewing Brent oil charts at monthly timeframes. The price finally broke its 13-year downtrend last month ... (This break needs to be stabilized) Currently, the most important support range for Brent oil is from $ 72 to $ 76 ... Brent oil currently has a significant static resistance of $ 85 and we have to see if it can break this resistance after 3 years and pave its way to climb or not. ⚠️ This Analysis will be updated ... TVC:UKOIL 👤 Arman Shaban : @Ar_M_An_4 📅 02.Oct.2021 ⚠️(DYOR)
TVC:UKOIL
by ArmanShabanTrading
11
UKOILSPOT in on a bearish momentum | 21 Sept 2021UKOILSPOT is on a bearish momentum and is approaching our pivot and entry at 74.21 in line with 50% Fibonacci retracement and bearish trendline . Price could potentially bounce off and dip to our area of take profit at 72.73 in line between 161.8% extension and 61.8% retracement . MacD and Ichimoku clouds are supporting our bearish bias. Alternatively, our stop loss is placed at 78.6% Fibonacci extension . Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
FX:UKOILSPOTShort
by FXCM
2
Brent Crude Oil 1-day classic patternsQ: What has the highest probability of occurring? Since February 2021 price has been stabilising on $65 per barrel. There is a combination of 2 classic patterns forming at 65.00 support. The inverse head & shoulders, which is in the process of forming the right shoulder, is currently invalid. This pattern projects 85.25 as the target. The double bottom, having recently tested and rejected 65.00, would need to breakout from 76.50 to be validated. This pattern projects 52.00 as the target. Objectively looking at 65.00 support the two high volume bars appear to be putting the weight in favour of the formation of the double bottom following the ~15% correction. Since the double bottom is not validated so the current position is neutral with a bias in favour of the uptrend continuing. It is worth paying attention to the high of the left shoulder at ~72.00 and how the bulls and bears interact as validation of the double bottom is required at 76.50
OANDA:BCOUSD
by xciiitradingco
BCOUSD COFIRMED LOWER HIGHS, UPTRENDLINE BREAK, BEARS ON THE RUNBrent crude has recently made four lower highs on the daily timeframe following the ongoing spark between the US admin and OPEC Technically I am anticipating price to hit lower lows especially since bears have been able to break the previous major lows around 68.106 in addition to previous break of the trendline to the lower side earlier this week and a break below a double top structure. Find conservative sells between 68.30 and 68.60 with major targets around the 61.00.
OANDA:BCOUSDShort
by TimakaFx
💌 BRENT - Inflation and Geopolitics 🕊️🌎''One way to control inflation is to have cheap Oil around'' the Fxprofessor News: Brent crude oil price down below $67 per barrel on London’s ICE first since May 24 The price of WTI oil also went down by 2.52% MOSCOW, August 19. /TASS/. The price of futures contracts of Brent crude oil for October 2021 delivery went down by 2.18% on London's ICE on Thursday to $66.99 per barrel, diving below $67 per barrel for the first time since May 24, according to the trading data as of 10:00 am Moscow time. As of 10:25 am, the price of Brent oil was down by 2.11% compared with the previous closing at $66.79 per barrel. Meanwhile, the price of WTI oil was down by 2.52% at $63.53 per barrel. The MOEX Index was down by 1.35% at 3,872.18 points, while the RTS was down by 1.74% at 1,645.99. The dollar’s exchange rate was up by 0.45% at 74.14 rubles, while the euro’s exchange rate was up by 0.09% at 86.55 rubles. Geopolitics: If prices of Oil and Natural Gas are TOO high, Russia is becoming TOO dangerous (in the eyes of Americans, not in my eyes. In my eyes Russia and America should be best friends and fix this planet💌☮️🕊️🌎). -Russia is the world's largest producer of crude oil (including lease condensate) and the second-largest producer of dry natural gas. Russia also produces significant amounts of coal. - In early June, when Brent climbed above $70 per barrel, Russian Deputy Prime Minister Alexander Novak said the oil price reflected the balance of supply and demand and was “good enough” for Russia. Tell me what you think. the FXPROFESSOR
TVC:UKOILShort
by FX_Professor
3
Breaking: The OPEC report is issuedOPEC monthly report was issued a few minutes ago, and the report was not positive for OPEC+ and the oil-producing countries within the group, led by Saudi Arabia. OPEC kept its forecast for oil demand in 2021 unchanged at an increase of 6 million barrels per day, bringing the average to 96.6 million barrels per day, and also kept its forecast for the growth of oil demands in 2022 by 3.3 million barrels per day, bringing the average production to 99.86 million barrels per day. While OPEC+ raised its expectations for an increase in the production of oil-producing countries outside the group by 840 thousand barrels per day, to reach an increase of 2.9 million barrels per day, with a total average of 66.9 million barrels per day in 2022. It also raised its forecast for the production growth of oil-producing countries outside the group in 2021 by 270,000 barrels per day to reach 1.1 million barrels per day, with a total average of 64 million barrels per day.
TVC:UKOIL
by basembitar