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Brentoil

Oil Update for 29/12/2021Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ On Wednesday, oil prices in the United States climbed for the sixth time in a row. Brent oil prices were unchanged at $78.78 while WTI crude oil futures rose 0.03 percent to $76.00. Both have benefited from stocks' growth. A variety of asset sectors, from oil to equities, have recovered losses since late November, when the Omicron form of COVID-19 threw investors into a tailspin. However, a delay in applying greater COVID limitations in the United Kingdom and France before the end of the year has given investors renewed confidence. Investors have returned to risk assets as concerns about its impact have subsided. However, Omicron has resulted in staff shortages, resulting in thousands of aircraft cancellations in the United States over the Christmas holiday. Oil prices were further supported by three oil companies reducing production due to maintenance concerns and oilfield shutdowns. The American Petroleum Institute's crude oil supply figures for the week ending Dec. 24 indicated a decline of 3.1 million barrels in the United States. Forecasts prepared by Investing.com expected a 3.23-million-barrel draw, whereas the previous week saw a 3.67-million-barrel draw. Investors are now waiting for crude oil supply data from the United States Energy Information Administration, which is due later in the day. While Russia is unlikely to meet its May objective of pre-pandemic oil output levels due to a shortage of spare production capacity, experts and corporate sources believe it could achieve it later in the year. According to Russia's Deputy Prime Minister Alexander Novak, output is projected to reach pre-pandemic levels of roughly 11.33 million barrels per day (bpd) of oil and gas condensate by May 2020. Investors are now looking forward to the OPEC+ meeting on January 4, when the cartel will determine whether to proceed with a projected 400,000 barrels per day increase in February production. Despite Omicron, OPEC+ decided to increase output in January at their most recent meeting. According to the Iranian Oil Ministry, the development of Iran's largest oilfield, Azadegan, is expected to be completed by mid-2023. It has a total capacity of 320,000 barrels per day (bpd). This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice. If you have any questions please ask and have a great day !! Thank you for reading.
TVC:USOIL
by GabiDahduh
🛢️Brent oil - correction lasting several years? 🕰️● CFDs on Brent Crude Oil ( UKOIL ): 🕐 1M "Fig. 1" The development of the ending diagonal is expected within the wave (V) of ((III)) . _______________________________________ ● BCOUSD (OANDA): 🕐 2D "Fig. 2" From the end of wave II, there is a five-wave structure — an impulse that could be wave Ⓐ . If this assumption is correct, then the current decline is part of the correction Ⓑ , which can take the form of any corrective pattern and last for several years. _______________________________________ BCOUSD (OANDA): 🕐 4h "Fig. 3" "Fig. 4" Once again, I repeat that at this stage in the development of the correction it is not possible to predict its final shape and duration, but I am betting on a triangle , on a model that has a high predictive value and is appears , according to my experience, in wave B of the zigzag most often. _______________________________________ Disclaimer — The owner of the TradeWaves-EWA © community is not responsible and has no direct or indirect obligations to the User/Customer in connection with any possible losses or financial damages related to any content of this community.
TVC:UKOILLong
by TradeWaves-EWA
Crude Oil Elliott Wave Idea - UpdateAn update on below idea: Oil hit the 0.382 extension exactly around $84,07 and has since fallen sharply. In my opinion this is the start of the correction of the move up from the lows in April 2020 to the highs in October 2021 which could end in the $50 to $58 area. Just theorizing here that we're currently in the middle of wave 3 of A where A would complete around $61 before a correction before proceeding down towards that $50-$58 level.
NYMEX:CL2!
by Joseph_King
7
Crude Oil Elliott Wave Idea - UpdateUpdate on an oil theory that started back in November 2020: This idea was that a wave 4 completed at $33, however the move up accelerated and it quickly came apparent that the move up from $33 was not wave 5: In March 2021 I took another look with the idea that $33 was the end of wave 2 and the current impulse was indeed wave 3 that could end around the $77 area before a wave 4 correction: In August 2021 the wave 4 completed and now taking a new high above $76 the 5th wave is confirmed: In my opinion we are now in the 5th and final wave that could end anywhere between $84 and $97, completing either a larger degree wave 1 or wave A, before a larger degree correction.
NYMEX:CL2!
by Joseph_King
1
BrentBrent has been particularly kind to me, falling almost perfectly in sync with my general direction forecast arrow. This week I am expecting much of the same, WPL is around 76 and it also happens to be where a trend line from 2008 is. I don’t pay too much attention to trend lines, as I could just as easily draw a slightly different one depending on my methodology which intersects here at a much lower price of 65. However, the trend line coupled with WPL may prove to give us an indication of how far oil will slip depending on how it behaves (if/when) it gets there.
FX_IDC:USDBROShort
by Narnos
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 Is Ready for CorrectionCrude prices slightly declined on Wednesday morning as API reported crude reserves in the United States were up by 3.29 million barrels, which is above expectations of 2.23 million. The Energy Information Administration (EIA) will present official figures concerning  reserves on Wednesday evening. The forecast is up from 1.857 million barrels to 428.9 million barrels in total. This is a regular weekly data. The EIA data may provide an impulse for the correction of crude prices. Brent crude is within the upward trend with a current upside wave which started on August 23. Since then Brent crude prices are up by 30%. If we consider crude prices on H2-H4 price charts, we may find that the rise since October 6 is accompanied by divergences. We may find three consecutive highs at $83.56, $84.56, $86.03 per barrel of Brent crude. And we would clearly find a divergence on any oscillator. If we connect lows on October 7 and October 13 than, together with the resistance lines, we will receive a reversal pattern “ascending wedge”. The downside exit from this pattern has already been executed. But for the moment, price is testing the former support as a new resistance level. If this pattern is confirmed Brent crude prices may return to $79-79.5 per barrel, making a correction of 6% from the current levels. If Brent crude prices  close on Wednesday to the downside, the reversal will be confirmed on the daily timeframe too. We would have a Tweezers candlestick pattern with confirmation. Intermediate support is located $81.40 per barrel where fast moving average EMA21 is on the daily timeframe chart. In addition, I could add that if this “descending wedge” would be executed in full, then we may see a change to the current three-month upward trend.
OShort
by scavoanastasiia
UKOIL (Brent Crude Oil) : 1Mn (Update)Last Analysis : Well, 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. Now : The Next Targets are 101$ , 116$ & 128$ This analysis is a check of the chart in a monthly time frame and everything is clear on the chart and does not need additional explanation ... However, if you have any questions, feel free to ask . ⚠️ This Analysis will be updated ... 👤 Arman Shaban : @Ar_M_An_4 📅 18.Oct.2021 ⚠️(DYOR)
TVC:UKOILLong
by ArmanShabanTrading
USOIL (WTI Crude Oil) : 1Month (Update)Last Analysis : Well, as we see in the monthly time frame of the US Crude Oil Chart, the price in February finally broke its 13-year downward trend ... After that, it continued to grow well and reached its static resistance level in July 2021, and It failed to defeat it and then rebounded to its broken support level in August. Last month, the price reached to the psychologically and Impostant resistance level which is 77$ ... we have to see if the price can finally break this important 3-year resistance in October or what ... Now : The Next Targets are 100$ , 110$ & 114$ This analysis is a check of the chart in a monthly time frame and everything is clear on the chart and does not need additional explanation ... However, if you have any questions, feel free to ask . ⚠️ This Analysis will be updated ... 👤 Arman Shaban : @Ar_M_An_4 📅 18.Oct.2021 ⚠️(DYOR)
TVC:USOILLong
by ArmanShabanTrading