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Brentoil

BRENT OIL price rangesOil prices have been rising since the end of December, rebounding as high as $75 (April 24) from the lows of $50. We can see the 50 and 200-day SMAs around the same area of $69. This area of $69-$70 can be considered as a strong support level and potential rebound point as long as there is no major news in regards to a globally slowing economy. Neutral outlook for now, with a possible tight range of a few dollar in the next couple of weeks, mainly between $69 and $72. Fundamentals that can have a big impact on this range and break it below or above: The Saudis announced that they will increase their supply to Asia which is seen as a counter-measure to compensate for the Iranian market losses. A sensible question would be if the OPEC will loosen up the production restrictions due to the oil supply issues coming from both Iran and Venezuela. Crude Oil stock changes, USA production as well as trade deal developments should also be monitored. To conclude, in case we see a break of the $70 level, the next point of interest would be $67 and then $65 which is the 100-day SMA. On the upside, $75 would be a strong resistance should $72 is broken decisively.
FX_IDC:USDBRO
by InvestmentPros
BrentCrude Oil. Turning up now. Note: If you like trends, you'll like oil. When oil trends, there is no limit. It can trend for a VERY long time. Trading Criteria: Regardless which way you want to trade, look for minimum five 4hr. candles in consolidation zones (yellow border boxes), or five daily candles for solid yellow boxes. If you're a pattern trader or pinbar trader, this might be useful here. Wait for a significant breakout of the 4hr. consolidation or daily consolidation from red border boxes to take the trade. Red border boxes are the High/Low of a consolidation period inside the consolidation zone. I usually aim for 80% of the weekly ATR (or monthly ATR for yellow solid boxes) taking profit but not always at the next yellow box. I place my stop loss above/below red border box. *These zones, with the inclusion of price action described above, have remarkable accuracy. Yellow border box: weekly consolidation zone Yellow solid box: monthly consolidation zone Red border box: High/Low breakout box (5 minimum candles)
TVC:USOILLong
by ComteSt.Germain
Either Stocks Crash, or Oil RalliesWe are basically exactly where we were at in October 2018. About the same things for US equities. But why the divergence with US equities outperforming oil? Look what happened last time stocks become too zealous in January 2018. Correction downward to a near parity in percentage gains. Either stocks are going to readjust or oil is just going to go crazy in the next few weeks. My question is, where is the conviction, where is the demand (weak EU, weak China, weak EMs) and what are the fundamentals driving markets forward? I'm really opened, but color me skeptical.
TVC:USOIL
by WhiskeyTangoFoxtrot3
Oil Moves with Economic GrowthOil edged up earlier in the week on the news that Saudi Arabia is focused on cutting output and petroleum-rated assets rose across the board in spite of the fact that a report came out asserting the Russian's weren't cutting as much as they previously suggested. Breaking the upward risking wedge is a really bullish sign as rising wedges tent to be reversal patterns. However, we could just as quickly get back down into the wedge or start to ignore it all together. We can also see industrial production, typically used a proxy for GDP growth, and its correlation with oil. Since we can use industrial production as a proxy for GDP, we can then surmise based on the data and based on economic theory (also simple logic) that the strong economic growth is, the higher oil prices will be given that demand for energy consumption increases when economic growth increases. As can be seen, oil prices fell off a cliff when industrial production flat lined back in November 2018. If GDP growth cannot pick up, oil prices will follow suit. Keep in mind stochastic and RSI are both flashing sell. However, the primary reason for oil to increase is demand in the international market. If oil increases then its clear global demand is probably increasing too as supply side attacks from the major oil powers have mostly failed over the past few years to maintain high oil prices. If this is the case then, we could see a surge from a whole host of risk on asset classes like US stocks for example.
OANDA:BCOUSDShort
by WhiskeyTangoFoxtrot3