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Oilforecast

Oil Update and news 17/1/2022Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ Oil prices surged on Monday, with Brent futures reaching their highest level in more than three years, as investors anticipated supply will remain tight due to limited output by major producers and unaffected global demand by the Omicron coronavirus variety. Brent crude futures rose 40 cents, or 0.5%, to $86.46 a barrel. Earlier in the session, the contract reached a high of $86.71 for the first time since Oct. 3, 2018. Daily Support & Resistance points for Brent : support Resistance 1) 86.46 1) 86.83 2) 86.26 2) 87.00 3) 86.09 3) 87.20 West Texas Intermediate crude in the United States was up 58 cents, or 0.7 percent, at $84.40 a barrel after reaching $84.78, the highest since Nov. 10, 2021, earlier in the day. Daily Support & Resistance points for WTI : support Resistance 1) 84.31 1) 84.59 2) 84.15 2) 84.71 3) 84.03 3) 84.87 The gains came on the heels of a rally last week in which Brent rose more than 5% and WTI rose more than 6%. The Organization of Petroleum Exporting Countries, Russia, and their allies, known collectively as OPEC+, are progressively lifting output cuts imposed when demand dropped in 2020. However, many smaller producers are unable to increase output, and others are hesitant of pumping too much oil in case of further COVID-19 difficulties. Two US officials and two industry sources told Reuters on Friday that the US administration has held talks with numerous multinational energy corporations about contingency plans for exporting natural gas to Europe if Russia-Ukraine violence damages Russian supplies. Meanwhile, crude oil inventories in the United States declined more than predicted to their lowest level since October 2018, but gasoline inventories increased due to sluggish demand, according to the Energy Information Administration on Wednesday. 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
Oil is headed towards 85 levelOil is headed towards 85 level. Many analysts are predicting lower oil demand due to Omnicron variant but the impact is yet to be seen. We cannot expect the price crash similar to 2020 because there were no vaccines at that time and complete lock downs are very unlikely. Hence, do not wait to see the negative oil prices ;-) We use Aspen Trading Support & Resistance Levels to risk manage our positions. These levels are invite only and can be accessed through url in my profile information. Disclaimer: This analysis is for information purpose only and does not constitute any investment advice.
FX:USOILLong
by tradingswift
1
Oil Short SetupOIL Weekly Analysis (Short) Currently price is in the upper part of an ascending channel, approaching a downtrend line. There's confluence of three levels here - the descending trendline, the ascending trendline of the current channel and a resistance level. I am looking for a short position in the $78-$79 area with a relatively tight stop loss slightly above $80. If price does break out from the downtrend line, then the last thing I would like is to short it. Target is set at the lower trendline in the ascending channel, somewhere around $72, depending on the time it will take the price to retrace back down. This analysis goes along with the one about $SPX500 , which I just posted. Since there's high correlation and I expect a retracement there, too, I believe we are about to see a pullback.
CAPITALCOM:OIL_CRUDEShort
by Quant_
OIL Analysis. Buy and Sell POIs marked Will look for a Sell or a buy in the marked POIs. No direct entries. Risk 1% and aiming for 10% on this trade. No indicators used. Pure price action. Like to keep my chart clean. Simply trading structure, nothing else!! All trades closed on the same day. Entries are taken on 1 min or lower timeframes. Stop loss is moved to cost after structure break. Don't chase the trades, wait for the next opportunity. Also, please view price action on 1 min chart if you're following my entries. It will make sense. Trading view doesn't allow to post entries on charts smaller than 15 minutes. Mostly trade 12-5pm UK time NY session. Sometimes London Session. Don't like the idea of watching charts the whole day.
TVC:USOIL
by azk001
Oil Update for 3/1/2022Hello everyone, as we all know the market action discounts everything :) _________________________________Make sure to Like and Follow if you like the idea_________________________________ Oil prices rose on Monday as the market began 2022 on a bullish note, with suppliers in the spotlight ahead of Tuesday's OPEC+ meeting, but rising COVID-19 cases dampening demand optimism. Brent crude was up 59 cents, or 0.76 %, to $78.37 per barrel. West Texas Intermediate oil futures in the United States rose 63 cents, or 0.84 %, to $75.84 per barrel. "Tightened Libyan supply ahead of an Organization of Petroleum Exporting Countries and Allies (OPEC+) meeting maintained market sentiments upbeat," said Abhishek Chauhan, head of commodities at Swastika Investmart Ltd. Libya's official oil company announced on Saturday that owing to maintenance on a critical pipeline connecting the Samah and Dahra fields, the country's oil output would be reduced by 200,000 barrels per day for a week. Meanwhile, four sources predict that OPEC+ will maintain to its plan of adding 400,000 barrels per day of supply in February. Oil prices surged about 50% last year, fueled by the global economic rebound from the COVID-19 pandemic depression and production restraint, even as infections hit all-time highs around the world. US crude is expected to average $71.38 a barrel in 2022, up from $73.31 in the previous month's consensus. Oil and natural gas rigs were installed in the United States for the 17th month in a row, as rising prices enticed some drillers back to the wellpad following last year's coronavirus-driven decrease in demand. As shown in a monthly report released on Thursday by the Energy Information Administration, U.S. crude oil production increased to 11.47 million barrels per day in October, up 6% from the previous month, as output climbed in the Gulf of Mexico as the region recovered from storms. 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
Wait for divergence and sell opportunities with USOILH1 time frame. Structure: Short-term uptrend towards 74.00 price zone. The 74.00 price zone is the confluence between the Fibo 50 and the downtrend line of the bearish structure on the 4-hour timeframe. Here, waiting for the divergence signal to appear and the bearish reversal pattern to be completed, a selling opportunity can be found. The profit target is the 62.00 price zone. ----------------------------------------------------------------------------------------------- Wish you all have a good trading day!
TVC:USOILShort
by tradafx