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Brentoil

OPEC+ meeting incomingInitially postponed due to member disagreements, the OPEC+ meeting is now set for Thursday. Discussions are poised to delve into the consideration of deeper oil production cuts. Analysts foresee the potential extension or intensification of supply reductions into the coming year to stabilise oil prices, which currently hover around $80 a barrel. While the possibility of a collective reduction in output exists, specific details remain undisclosed. The delay stemmed from disagreements over output levels for African producers. However, indications suggest a closer approach to reaching a compromise. The meeting's agenda features discussions by an advisory panel followed by a session with OPEC+ ministers. Notably, members such as Saudi Arabia and Russia previously committed to significant oil output cuts. Current discussions revolve around the continuation of these reductions, including Saudi's voluntary production cut and Russia's export reduction, both set to expire by year-end. The likelihood of further oil cuts appears imminent, prompting us to refrain from offering a price prediction. However, I foresee a potential market shift—possibly a 1-2% increase if oil cuts are announced or a corresponding decrease in production sees an increase instead. My belief leans towards the former scenario. Nonetheless, any price hike might be short-lived as Saudi Arabia and Russia's production cuts are set to expire by year-end. Henceforth, it pays to pay attention to this meeting and see what the fine details are.
OANDA:BCOUSD
by BlackbearTrader
Weekly Brent Crude Oil Price Prediction Update - W/C 20 Nov 2023Last Monday we posted our weekly price prediction for Brent Crude Oil. The chart above is our analysis. You can see further analysis in our previous post. Our price prediction for last week was between $78.00 (Min) and $87.50 (Max). As you can see from the chart below our analysis proved true. The price stayed within the range. However, it followed the bearish indications more so than the bullish indications. The price hit the blue line resistance levels and proceeded to go down. Following the resistance line and finding some support in the High Volume Node from the Fixed Range Volume Profile. There are also fundamental factors at play here as well. OPEC+ delayed their meeting due on 26th November by four days due to conflicting opinions in the organisation, this is what also led to the price decline. If you had shorted the stock once it hit the blue line resistance level it would have netted you around 3.30% ROI to the current price. Not bad for a week.
OANDA:BCOUSD
by BlackbearTrader
Brent - D1\H4Oil Brent D1 - The price has formed a triangular formation, which may mean that if it fixes beyond the lower line of the triangle border, the price may continue to fall further along the trend and further reduce the price to the levels of 70.19 When fixing behind the upper trend line, the price may reverse and begin to rise, since a 3-wave structure may already be formed for the targets; in this case, we will see the price of 89.21. H4 - For purchases, it is better to wait for fixation behind the trend line; you can also try to open at the current price with minimal risk per transaction from the lower border of the triangle. If there is a fixation, turn into sales. What to expect now? Waiting for the level of 82.07 to be broken/fixed and an upward movement towards the nearest targets of 89.21. When opening a position, it is best to exit the position from the level of 78.93 - 78.23, if this scenario does not materialize. When fixing behind the lower line 78.95 - 78.15, the idea is canceled when a 3-wave structure is formed in the opposite direction 89.95 - 82.87. Long Targets 83.01 - 84.31 - 86.68 - 89.21 Short Targets 76.47 - 75.24 - 72.63 - 70.19
TVC:UKOIL
by Trade_Hive_Signals
UK Brent 4H : Still trades at the bearish channel UK BRENT OIL New forecast The price of Brent crude futures rose sharply in the past sessions, reaching the top of the descending channel and confirming the continuation of the dominance of the downward trend in the immediate term, paving the way for achieving additional gains starting at 80.00 and extending to 78.87. Therefore the downward scenario will be remain valid and effective during coming period and the moving average 50 still support the price to decline , taking into account that stabilized above 82.11 will force the price to get out of bearish channel and will start a positive trades . The expected trading range for today is between support 78.87 and resistance 82.11 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 80.00 , 78.87 resistance line : 82.11 , 83.05 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILShort
by Arazmajeed
6
UK Brent Oil 4H : Downtrend UK Brent Oil New forecast The price of Brent crude futures continued to rise in the past sessions to approach the 83.17 barrier, as the price is testing this support, and therefore, breaking the 81.34 support will activate the negative impact and push the price to resume the downward corrective trend, heading towards visiting the 80.00 and 78.87 areas in the near term. Therefore, we expect to witness further decline during the coming sessions, supported by the negativity of the technical indicators, taking into account that the consolidation above 83.80 level it will postponed the negative trend and support the price to rise up . so no it possible to retest to 83.17 and the dropping . The expected trading range for today is between support 80.00 and resistance 83.17. Be careful because of the war between Palestine and Israel, we may witness unexpected movements . Additionally ,Today News will affect the market . support line : 80.00 , 78.29 resistance line : 81.35 , 83.17 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILShort
by Arazmajeed
4
Oil Brent - H4Oil Brent W1 - The formation of a 3-wave structure continues D1 - The price has reached 161 lvl. 3rd wave, which may mean further movement down to level 200 - 261 H4 - The price is in the correctional 4th wave, you can see the formation of an ascending channel. If the lower trend line is broken or fixed behind it, further sales to the levels of 75.4 can be considered You can also consider entering from the formation of a double top and further movement to the lower boundary and beyond. What to expect now? Expectation of breaking through the level of 82.20 and fixing the lower border from the level of 81.15. When opening a position, it is best to exit the position from the level of 83.60; if this scenario does not materialize and the price may return to the local range, wait for the lower border of the channel to be broken. Short Targets 80.00 - 79.16 - 78.43 - 76.87 - 75.41
TVC:UKOILShort
by Trade_Hive_Signals
UK Brent Oil 4H : Under sell pressure UK OIL New forecast The price of Brent crude futures faced strong negative pressure to break the level of 86.68 and closed the daily candle below it, heading towards achieving an expected decline during the coming sessions, targeting targets at 84.50, and by breaking it, it will reach 83.80 as a main negative station. Therefore, a bearish bias will be expected for today, supported by the negative pressure formed by the 50 moving average, noting that breaching 87.10 and holding above it will stop the current negative pressure and push the price to recover again. The expected trading range for today is between support 84.50 and resistance 87.10. Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 84.50 , 83.80 resistance line : 87.10 , 88.38 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILShort
by Arazmajeed
8
UKOil Brent Technical Analysis And Trade IdeaIn this video, we embark on a comprehensive analysis of UKOil, with a specific focus on the prevalent bearish sentiment observed in the 1-month (1M) and 1-week (1W) timeframes. Notably, our charts reveal that Brent has approached a critical support level, a pivotal juncture. Throughout this presentation, we delve into the fundamental tenets of technical analysis, encompassing essential components such as evaluating the current market trend, price dynamics, market structure, and other indispensable aspects of technical analysis. As we progress through the video, we meticulously scrutinize a potential trading opportunity in Brent Oil. It is imperative to stress that the insights shared in this content are exclusively intended for educational purposes and should not be misconstrued as financial advice. Participating in the foreign exchange market trading carries a significant level of risk. Therefore, it is vital to prudently incorporate robust risk management strategies into your trading plan to navigate these challenges effectively.
TVC:UKOILShort
by fxtraderanthony
UK Brent Oil 4H : Got a positive momentumUK Brent Oil New forecast The price of Brent crude futures continued to rise to confirm the breach of the 86.68 level and stabilize above it, heading towards visiting the 88.38 level as the next main target. Therefore, we expect to witness further rise during the coming sessions, and breaching 88.40 will facilitate the price’s task to reach 89.55, while breaking 86.68 will stop the positive scenario and put pressure on the price to return to the bearish corrective path again. The expected trading range for today is between support 85.14 and resistance 869.55 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 86.68 , 85.14 resistance line : 88.38 , 89.55 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILLong
by Arazmajeed
4
UK Brent Oil 4H :New forecast UK BRENT OIL New forecast The price of Brent crude futures suffered strong losses yesterday, as it approached the expected correction level at 86.93, awaiting for the price to be stimulated to resume the upward trend. Therefore now the price forced us to wait for to select the coming tendency ,where stabilized above 86.93 will be resuming the bullish waves again to reach 88.38 , on the other hand stability under 86.93 will putting the price under sell pressure to continue at the negative correction to reach 85.32 and then will rise up . The expected trading range for today is between support 85.32 and resistance 88.36 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 85.32 84.49 resistance line : 86.93 , 88.36 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILLong
by Arazmajeed
2
UK Brent Oil 4H :Retest and then rise upUK BRENT OIL New forecast The price perfectly fulfills my last idea and reached to our first target +285 pip . The price of Brent crude oil contracts has made new attempts to penetrate the 89.55 level and is finding it difficult to exceed it, waiting for a strong positive incentive that will contribute to pushing the price to exceed this level and confirm the opening of the way for a rush towards our new positive targets that start at 91.00 and extend to 92.52. Therefore, the emerging scenario will remain valid and effective due to the poor situation between Israel and Palestine. keeping in mind stability above 89.55 represents a preliminary condition for the continuation of the expected rise, as trading under that area it will put pressure on the price to decline again to the previously broken level 86.93 so now it is possible to do a negative correction and then we will see bullish waves . The expected trading range for today is between support 86.93 and resistance 89.55 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 86.93 , 85.32 resistance line : 88.38 , 89.55 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILLong
by Arazmajeed
UK Brent Oil 4H :under 88.38 will be bearish UK OIL New forecast The price of Brent crude futures approached our expected negative target at 85.32 and rebounded sharply to penetrate the 88.38 level and stabilize around it, which prompts the price to try to stop the downward correction that is dominating recent trading. Therefore, we expect to witness further decline during the coming sessions, but on the condition that the price continues below 88.38 to reach 86.93 again, and by breaking it, it will reach 85.32, taking into account that consolidation above 89.55 will put pressure on the price to continue positive trading and head to visit the 91.00 areas in a way Main. The expected trading range for today is between support 85.32 and resistance 89.55 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 86.93 , 85.32 resistance line : 88.38 , 89.55 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILShort
by Arazmajeed
11
UK Brent Oil 4H : wait for confirmation and then sell itUK BRENT OIL New forecast The price perfectly fulfills my last idea and price reached to our second target +230 pip . The price of Brent crude oil futures is trading negatively now, putting pressure on the 88.38 level, reinforcing expectations of a continuation of the downward trend for the rest of the day, paving the way for heading towards our negative targets, which begin with a break and stability below the 88.38 level to reach 86.93 and extend to 85.32. The 50 moving average supports the expected downward trend, which will remain in place provided that a break of the 88.38 level is confirmed and consolidation below it. The expected trading range for today is between support 86.93 and resistance 91.00 . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 88.38 , 86.93 resistance line : 89.55 , 91.00 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILShort
by Arazmajeed
Oil: Bullish Momentum Continues on Supply Disruption ConcernsTechnical Analysis 15-minute chart: On the 15-minute chart, Brent oil is currently trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. This suggests that the bulls are in control and that the price is likely to continue to rise in the near term. 4-hour chart: On the 4-hour chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. However, the RSI indicator is nearing overbought territory, which suggests that a pullback may be due in the near term. Daily chart: On the daily chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. The RSI indicator is also in neutral territory, which suggests that there is no overbought or oversold condition. Overall, the technical analysis suggests that Brent oil is likely to continue to rise in the near term. However, investors should be aware of the potential for a pullback if the RSI indicator enters overbought territory. Trading Strategy Traders who are bullish on Brent oil could consider buying the dips. A stop loss could be placed below the 20-period moving average, and a take profit target could be placed at the next resistance level. Traders who are bearish on Brent oil could consider shorting the rallies. A stop loss could be placed above the 20-period moving average, and a take profit target could be placed at the next support level. I hope this post is helpful. If you agree with the idea, please follow and share this with others too. This analysis is based on the information at the date it is posted. This analysis does not represent professional and/or financial advice. You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information. Any feedback is encouraged and appreciated. Thank you and have a nice day!
CAPITALCOM:OIL_BRENTLong
by YExplore
UK Brent Oil 4h : support further rise UK BRENT OIL New forecast The price perfectly fulfills my last idea. Brent crude futures price trades rebounded downward after failing to overcome the resistance that was formed at the previously broken support of the main ascending channel at 91.01, putting pressure on the 89.52 level and moving above it now, which pushes the price to return to the upward path again, on its way to achieving positivity goals starting at 91.01 and extending. To 92.52 after breaking the previous level. Therefore, we expect to witness further rise during the coming sessions, noting that breaching 89.52 and holding below it will push the price to losses again, starting with testing the 88.36 areas. The expected trading range for today is between support 88.36 and resistance 91.00 until breaching one of them . Additionally ,Today News will affect the market . Be careful because of the war between Palestine and Israel, we may witness unexpected movements . support line : 89.52 , 88.36 resistance line : 91.00 , 92.52 Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
TVC:UKOILLong
by Arazmajeed
6