Oil going parabolic, is there another leg up?Brent crude oil is going parabolic, when will it stop?
Is there another leg up or will it collapse soon?
What's your opinion?
Brentcrudeoil
Brent bullish patternBrent has nice bullish pattern on Monthly chart. $180 is next target. Big brother please tell to OPEC something to rise oil supply in this difficult days.
Brent Buy signal Brent has new support zone, This time it has big chance to reach $100. First target is $85 resistance. A lot of interesting things are waiting for us ahead!
BrentCrudeOil maybe around 125? 5/Feb/22UKOIL aka Brent Crude Oil maybe on its last leg up toward around 125 ::- a major supply zone .. AND maybe the terminal of Wave 2 (Red Circled) which is possible an expanding flat pattern..
Brent oil price to remain elevated in range 84 - 90Hello traders,
As predicted earlier, with OPEC+ increasing supply from the beginning of 2022, the price for oil rose up and above 85. Upside trend has taken a pause or in technical terms "retracement" or "consolidation" after a strong up momentum.
As we can see in 4hrs charts upward momentum from 77 levels till 91. Now we will see prices move in range 84.5 - 89.5 for some time before it hikes to 100 levels.
Brent oil outlook for now and for next two months is not good for oil importing countries.
Reasons:
1. Increase in supply by OPEC+ and Shale gas producers cannot keep up with the demand.
2. Geo-political issue with Ukraine, Russia and NATO group of countries.
3. Frequent extreme weather is undermining the global supply chain making commodities expensive.
Happy trading,
Let’s not be surprised to see oil price rising above 85From the beginning of next year, OPEC+ countries are to increase crude oil production as discussed in OPEC+ meeting.
It is good news for oil importing countries because supply will overcome demand and therefore price for Crude oil will fall. In theory, it is correct but when we look at charts of Brent oil to USD, it tells us a different story.
After the fear of Omicron variant COVID-19 receded, oil prices immediately increased and broke through strong resistance of 76 levels, which I wasn't expecting to happen but later I realized the factor affecting oil prices is the increasing demand for oil by oil importing countries.
Well, it would be a good idea to stick to a long position and buy on every dips for the next couple of months until oil supply is fully restored by both, OPEC+ and US shale oil producers.
Disclaimer : Above idea is what I think can happen and not a recommendation or advice to buy/sell.
Good luck.
Brent Crude Prices May Soon Return to $80After a drop to $69.28 per barrel Brent crude prices quickly rebounded to the upside on Wednesday touching $74.57. And there are several fundamental and technical reasons for it.First, gas prices in Europe skyrocketed to $180 per MWh for ICE Dutch TTF January gas futures on Tuesday, or by 22.7% in a single day. This lift off of gas prices also pushed crude prices up as high gas prices are forcing consumers to move to alternative fuels, including various petroleum products.
The International Energy Agency (IEA) has reported that record high gas prices would increase oil demand by 500,000 bpd throughout Q1 2022, while the American Petroleum Institute (API) reported weekly crude stocks in the United States dropped by 3.67 million barrels, well above expected 2.63 million. Distillate stocks were down by 849,000 barrels and gasoline inventories were up by 3.7 million barrels.
According to the forecasts the Energy information Administration (EIA) is expected to officially report crude oil inventories to be down by 2.750 barrels.
Technically, Brent crude prices are within the ABC correction, where the decline from $86.70 per barrel to $65.72 created wave A. Now we have wave B that is usually in a form of a zigzag. The first part of this zigzag was the rise of Brent crude prices from $65.72 to $76.70 per barrel. The second part strongly correlates with the first one and could be at 61.8% of its length or the same as the first one.
Mathematically that would mean a potential for Brent crude prices to recover to $76.06 per barrel, or even to $80.26 per barrel. However, the correction might not be over yet as Brent crude prices haven’t fell below 61.8% of the previous rise from $65.72 to $76.70 per barrel.
Goldman Sachs oil may hit $100 per barrel over the next two years as the demand for oil continues to grow above existing record levels. However, a moderate expectation from Goldman Sachs suggests that average crude prices are likely to remain around $85 per barrel by the end of 2023.
USOILworst case Crude can double bottom to finish W4 B4 finally making that push to $108 as my 5 wave analysis predicts, hopping fora higher low vs $62 TBH B C weak crude strong DXY weak 10 yr is an ugly combo
BrentBrent oil has made a bearish reversal which can probably continue towards the 60 zone if, however, prices first exceed the 65.
WTI Crude Oil Price ForecastAside from Crypto and Stocks, I also look at economical indicators, metals, and commodities.
I will be adding these to my ideas moving forward starting with the analysis on WTI Crude Oil price.
WTI Crude Oil was in a multi-year descending triangle, which it broke out of and retested the top of the trendline in August 2021. The price is on it's way upwards.
Something I learned from a trading mentor is when in doubt, zoom out and look left.
I took a fractal pattern from 2009-2013 which looks very similar to how the price is playing out currently and overlaid it in the current price range.
Furthermore, I added in the fib levels to see where we can be able to get to before some level of retracement. It seems that $95-$100 price range may be in the cards as the price may get to fib level 0.618 before a rejection.
I will keep the community updated on this.
What are your opinions on this? Comment below, hit the like and follow me. Thank you!
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Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk #bitcoin #altcoins
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.
Oil Brent Analysis 13 Oct 2021UK Oil Brent is still moving upwards but look for short timeframe pull backs which you can short.
BrentCrudeOil may completing running flat at around 90. 4/10/21Gosh! Jesus! Wallstreet bet 100USD- 200USD on Brent Crude Oil???!!! aka UK Oil might be completing running / expanding flat (A)(B)(C) ( Cyan/Light Blue) pattern soon at around 90..
UKOIL Monthly TF: 2.Oct.2021Finally breaking more than a decade long downtrend line, with a closing candle over the line, a good sign; a pull back could happen and then it could continue its upward trend; after pull back, it could be an amazing buy position.
This analysis will be updated.
DYOR
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)
Big moment for oil prices: 13-year trend breakout?The monthly chart of Brent crude oil is breaking out from a downtrend line that began at the 2008 peak.
Is this the beginning of a multi-year uptrend in oil ?
UKOIL DAILY TIMEFRAMESNIPER STRATEGY
CFDs on Brent Crude Oil 1D TVC
I warn you again this strategy is unable to predict pullbacks but it will pay off at the end of the road
Start Believing
Something Magical will happen
Brent: Down, Down! 😈😈😈We are still waiting for the Brent Crude to drop and approach its yellow trading zone. Here, we expect a massive turnaround, followed by long-term increases in the price. However, direct increases are possible, too, if the course reaches above $76.12.
Stay patient!
Just A BIG BEAR!!!Look at price reactions to the RSI level 70,. in the 4-hour time frame. If we do not consider Price and fundamental reasons, such as coronavirus news, And only consider the price reaction to RSI 70, Again, the amount of correction, as in previous times, is so considerable that it cannot be ignored
Climbing Oil Price Range 2021As we enter the 4th quarter of 2021 we see that some countries are imposing strict measures to curb Covid-19. At the same time, restrictions are loosening. thus, allowing economies to demand more oil to fill the need for increased economic activity. We can see that oil has remained in a steady climb with price making small fluctuations. But the trend is bullish as economic activity picks up as travel restrictions are loosened. As can be seen in the chart, there are events that effect the oil price like rebel strikes against Saudi oil facilities. Also, China has added extra inspection measures at its ports which affected the oil price negatively.
I see oil ascending further as global economic activity picks up and restrictions loosened.
Disclaimer: There are amateur opinions.
Oil is on a daily downtrendThe general trend in daily time seems to be declining.
But now it seems to be a good place to enter the hourly time.
The new support level seems to be broken and the return to the new resistance level is complete and it is time to fall.
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
