OIL_BRENT trade ideas
DeGRAM | UKOIL bullish potentialUKOIL rebounded from the support level and broke close above the channel.
The market descending channel is just a pullback on the 4-hourly chart, so it makes sense to buy the market.
We expect a bullish move to potentially break out of higher highs.
-------------------
Share your opinion in the comments and support the idea with like. Thanks for your support!
Brent Oil Price Reaches Its Highest Since October 2023Brent Oil Price Reaches Its Highest Since October 2023
The Brent oil chart today shows that the price has exceeded USD 89 per barrel — this is the highest level since the end of October 2023.
Reasons for strong demand for oil:
→ The OPEC+ meeting ended this week. Exporting countries maintained their policy of limiting oil production unchanged.
→ Ukrainian drone attacks on oil refineries in Russia.
→ Latest data on the strength of the US economy.
Technical analysis of the Brent market shows that:
→ The price moves within the ascending channel (shown in blue), which originates back in 2023.
→ Increased demand in the spring of 2024 led to the fact that the Brent price rose into the upper half of the blue channel and formed a steeper growth trajectory (shown by black lines).
→ The median line of the blue channel acted as support (shown by arrows).
The upper limit of the blue channel is around USD 92 per barrel of Brent and it is possible that the price may reach these values in the next 1-2 months.
However, the prerequisites for a correction are not currently in place after an increase of more than 5% over the last 5 trading sessions:
→ the RSI indicator indicates overbought;
→ the price is at the upper black line.
If a correction scenario is realized in the market, the Brent price may drop to the $87 level, which previously acted as resistance.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Confusing picture.Monthly chart.
We can see that the kijun line has slightly crawled
into the cloud, but the candle opened above the line.
Usually this pattern can develop like this, it does not have
an immediate impact for the price to go under the cloud.
We see the Tenkan line sailing higher and we see a very
meaningful trading range of ~$105-$120.
Without vouching for accuracy, I can speculate
as to how this will play out.
Prices will move up into this range and either get
rejected right off the Tenkan line or follow
a multi-month flat inside this range.
Later, the correction will come, and then the void zone
under the cloud will finally start working like a magnet.
But given the extent of the lower boundary of the Kumo cloud,
it is absolutely impossible to say yet whether
this will come in 2024 or 2025 or later.
Crude oil prices are rising this year.
Pattern 1.2 and 1.2? Or an extended diagonal pattern!Dear analysts and traders,
I hope you are doing well and are motivated for the week ahead. I wish you all the success in your business endeavors. Remember that success in trading lies in consistently defining and sticking to your rules.
As someone interested in the Elliott Wave Principle, I find it to be an invaluable tool for market analysis. I have developed my approach by combining this principle with my personal experience and by considering different scenarios that are likely to occur in the market. It should be noted that I do not like to be surprised in the market, and that's why I have different market prospects. I follow them to be sure and recognize the structure that is forming so that I can 100% recognize it.
I will share my analysis with you, but please note that I am not providing any buy or sell signals. My perspective on idea analysis is completely unbiased, so if the idea analysis meets your standards, you can use it as a guide to make an informed decision.
I have attached my previous analysis of the same market so that you can compare and see the differences. All the details of my analysis are clearly labeled, making it easy for you to understand. However, having a basic familiarity with the Elliott Wave Principle theory will help you understand the analytical idea more easily.
I have been studying the Elliott Wave Principle for almost three years now, and over time, my understanding of this knowledge and experience has grown. What I have achieved so far is the legacy of a genius called Ralph Nelson Eliot, and I am really happy with my progress. May peace be upon him.
Thank you for your support so far. I will always remember your kindness. Please share your comments and criticisms with me.
I hope my analysis will be useful to you in your business journey, and I wish you all the best.
Sincerely,
Mr. Nobody
The growth of oil is likely! Positive correlationDear analysts and traders,
I hope you are doing well and are motivated for the week ahead. I wish you all the success in your business endeavors. Remember that success in trading lies in consistently defining and sticking to your rules.
As someone interested in the Elliott Wave Principle, I find it to be an invaluable tool for market analysis. I have developed my approach by combining this principle with my personal experience and by considering different scenarios that are likely to occur in the market. It should be noted that I do not like to be surprised in the market, and that's why I have different market prospects. I follow them to be sure and recognize the structure that is forming so that I can 100% recognize it.
I will share my analysis with you, but please note that I am not providing any buy or sell signals. My perspective on idea analysis is completely unbiased, so if the idea analysis meets your standards, you can use it as a guide to make an informed decision.
I have attached my previous analysis of the same market so that you can compare and see the differences. All the details of my analysis are clearly labeled, making it easy for you to understand. However, having a basic familiarity with the Elliott Wave Principle theory will help you understand the analytical idea more easily.
I have been studying the Elliott Wave Principle for almost three years now, and over time, my understanding of this knowledge and experience has grown. What I have achieved so far is the legacy of a genius called Ralph Nelson Eliot, and I am really happy with my progress. May peace be upon him.
Thank you for your support so far. I will always remember your kindness. Please share your comments and criticisms with me.
I hope my analysis will be useful to you in your business journey, and I wish you all the best.
Sincerely,
Mr. Nobody
Why we took brent at low risk and channels?In this live trading video,we look at why we took the Brent oil trade at low risk using price and volume on our 100k traders challenge account. We explore the use of channels with relation to the smart money framework. The concepts and ideas in this video can be cross transferred onto any strategy.
UK OIl Will Start upside movement UK OIl Will Start upside movement if sustain above 84 Stoploss below 74 upside target position 88-94-99+++
UKOIL daily XABCD bulls 20% upside BUY/HOLD🔸Hello traders, let's review the daily price chart for UKOIL.
Speculative XABCD in progress, with 20% upside potential based on the
current price action / fundamentals.
🔸XABCD structure is defined by point X at 95.60, point A at 73.20, point B
at 92.50, point C at 77.00, point D/PRZ at 105.00, currently most points validated,
point D/PRZ pending in May/June 2024 (PRZ/D = 105.00)
🔸Recommended strategy for UKOIL traders: accumulate near market
price using low leverage. TP Bulls is 105.00 +20% gains. swing trade setup. good luck!
🎁Please hit the like button and
🎁Leave a comment to support our team!
RISK DISCLAIMER:
Trading Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight stop loss.
UKOIL APRIL 2024 WEEK 1 OUTLOOK - Daily - long is the way to go here on oil. there is a zone above that can provide some resistance **88.15 - 87.17**, once that gets cleared, I will look to get involved. till then, I will wait.
Origin - looks extended here. a pullback seems like the way to go here. I will look for a pull to the zone **86.54 - 85.77** . once price enters this zone, I will drop to my trigger timeframe and then look to enter long. no matter where I enter, as soon as price comes around the daily highlighted zone, I will book and bail out. COT data is long. Historically, in last 13 years oil has closed down most of the week 1 in april.
Will oil enter the $90 channel?📊 According to the upward movement momentum of the price, if the range of 87.5 units is broken and the price stabilizes above it, the price may increase to the range of 88.50 🎯and in the case of the strength of the range of 90.00 units🎯🎯.
📊 Otherwise, the price may fall to the range of 85.00 units.
Q1 Performance review,OE,Actual Re:Ri & SelectionIn this live trading video,we look at the underlying concept behind our OE basesd strategies,why actual reward:risk is more important than Expected,how to select your trades and our Q1 performance review on our 100k traders challenge account. The concepts and ideas in this video can be cross transferred onto any strategy.
Brent longA fib retracement after breaking below the trend line and forming a pin bar in 12 hr gives an idea of a long position for an RR of ~2.5
OIL (BRENT) - BUY SETUP (JAN 2024)OIL (BRENT) - BUY SETUP (JAN 2024)
OIL (BRENT) is in a prime buy zone, indicating potential for an upward trajectory.
UKOIL 26.03.2024UKOIL
With the war continuing in the Middle East and the failure to agree on a truce, this will be positive for oil, but we have a very important area for prices to fall from 86.60 to 87.60, and the goals in the long term will be 81.93. We will have daily updates for this scenario in the comments.
UKOIL MARCH WEEK 5 OUTLOOK -
Daily - Looks bullish. any long positions will be booked as price enters 88.15 - 86.93
Origin - Looks bullish. but there is a few points of resistance above like last week's AVWAP and TC. so I will look for price to hold above 86.37 and then look to go long till R1.
DeGRAM | UKOIL pullback tradeUKOIL reached resistance, and it created AB=CD pattern.
The market is trading in the ascending channel, indicating the bears are running out of steam and the bulls are in control.
Price broke and closed above the resistance at 84.00 which became the support level.
We expect a pullback, then a bullish move.
-------------------
Share your opinion in the comments and support the idea with like. Thanks for your support!
UKOIL - H4 Short After a bearish leg yester and a 4 hour pullback, this might indicates a continuation to the downside. Lets see where it goes.
CRUDE OIL BRENT/WTI SELLINGHi Oil Traders,
This is our master plan to Rob Crude oil Barrels. Guys U can enter to Rob this oil at entry level i have mentioned or place your sell stop below my entry level this is our master plan. Our target is Trap area.
The correlation between oil and gasolineDear analysts and traders,
I hope you are doing well and are motivated for the week ahead. I wish you all the success in your business endeavors. Remember that success in trading lies in consistently defining and sticking to your rules.
As someone interested in the Elliott Wave Principle, I find it to be an invaluable tool for market analysis. I have developed my approach by combining this principle with my personal experience and by considering different scenarios that are likely to occur in the market. It should be noted that I do not like to be surprised in the market, and that's why I have different market prospects. I follow them to be sure and recognize the structure that is forming so that I can 100% recognize it.
I will share my analysis with you, but please note that I am not providing any buy or sell signals. My perspective on idea analysis is completely unbiased, so if the idea analysis meets your standards, you can use it as a guide to make an informed decision.
I have attached my previous analysis of the same market so that you can compare and see the differences. All the details of my analysis are clearly labeled, making it easy for you to understand. However, having a basic familiarity with the Elliott Wave Principle theory will help you understand the analytical idea more easily.
I have been studying the Elliott Wave Principle for almost three years now, and over time, my understanding of this knowledge and experience has grown. What I have achieved so far is the legacy of a genius called Ralph Nelson Eliot, and I am really happy with my progress. May peace be upon him.
Thank you for your support so far. I will always remember your kindness. Please share your comments and criticisms with me.
I hope my analysis will be useful to you in your business journey, and I wish you all the best.
Sincerely,
Mr. Nobody
#OIL Price at profit taking placeHello everyone,
I'm thrilled to share my 101st analysis here, marking a significant milestone in my journey. While there were certainly some analyses that didn't pan out as expected, I believe the ones with better results outweighed them in total. I'd like to express my gratitude to those who supported the ideas, left comments, or liked the analyses. Your engagement motivates me to continue improving the quality of my work.
Now, let's delve into the analysis of the Oil price, as it has reached a crucial price level where profit-taking activity may occur, potentially leading the price lower.
As shown in the chart, not only has the price reached a bearish trendline that previously held it at lower levels, but we are also currently at the one-to-one price target projection of an inverted head and shoulders pattern , a level where many pattern traders would consider taking profits.
It's worth to note that as soon as the price reached this area, it encountered some bearish pressure and failed to sustain its bullish momentum.
At present, based on my strategy, I don't have any bearish signals or triggers. However, with a bit more patience, I believe a good opportunity may present itself soon.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
