BCOUSD: Inverted Hammer Candle 1 hour TimeframeBCOUSD: I am going long on pullback based on dow theory uptrend because last closing established an inverted hammer while making Higher Low.
UKBRENT trade ideas
Potential Decline in Brent Crude Oil MomAs you may be aware, technical indicators such as the Moving Average Convergence Divergence (MACD) and Stochastics have been widely used by traders to gauge market sentiment and identify potential trend reversals. In the case of Brent Crude Oil, these indicators indicate a possible decline in momentum.
The MACD, a trend-following momentum indicator, shows a bearish crossover, suggesting that the short-term moving average is crossing below the long-term moving average. This occurrence is often seen as a signal for a potential downward trend. Similarly, the Stochastics oscillator, which measures overbought and oversold conditions, indicates that Brent Crude Oil is approaching overbought levels, implying a possible price correction.
While it is important to note that technical indicators are not infallible and should always be used with other fundamental and technical analysis tools, converging these signals warrants careful consideration. Monitoring the market closely and exercising caution in trading might be prudent.
It is worth mentioning that various factors can influence the oil market, including geopolitical events, supply and demand dynamics, and global economic conditions. Therefore, it is crucial to maintain a comprehensive approach to trading and consider multiple perspectives before making any significant decisions.
Please note that this idea is intended to serve as an observation and should not be considered financial advice. As a seasoned oil trader, I trust your expertise and judgment to evaluate the situation and make informed decisions accordingly.
If you have any questions or want to discuss this matter further, please do not hesitate to reach out in the comments.
Seems that Brent (UKOIL) trades patternPrices 5 times since March tested support levels and formed triangle. From the end of June Brent broke the upper line and formed the steep uptrend and stopped near 200 days daily MA. Now it corrects to the trendline. Should it rebound from the upper side of the triangle and form a smoother uptrend or try to test the support is the main question.
Oil is already above 80.I have pessimistic expectations about oil. In my opinion, the current growth above 80 means nothing. An important mark will be 85. But even there, not everything is clear. If there is enough momentum, it will move on. And if it is not enough (which is more obvious for me), it will beat back and again to the level of 70.8, which it could not break through.
Brent Wild RideEveryone agrees commodities are heading up over the long term. High interest rates slow down the investment in the equipment and man power to produce these commodities but high interest rates also limit consumer spending which leads to mini glut.
Fake news will be used to manipulate the price to spook positions.
UKOIL - longOil prices rise on cooling US inflation, China trade data
Oil prices climbed on Thursday after U.S. inflation and economic data sparked hopes that the Federal Reserve may have fewer interest rate hikes in store and Chinese trade figures showed monthly oil imports were the second-highest on record in June.
Brent crude and breakthrough of a sideways trendCrude after weeks of sideways trend , gives a glance of breakthrough of the sideways trend by reaching 80. If the weekly closure is above 79.375 there are chances of having upper price targets 89, 98.4 then 108 . Point of view and the market is greater than anyone.
Ukoil short ideaWe can see that we have been in downtrend quite sometime now , after the liquidity is taken we should see the trend continuation to the downside
Brent: technical levels.Oil is trying to rise, but movements remain limited to the following levels:
Resistance - 84.80
Support 74.83
UKOILThis is my opinion with technical analysis
Please respect the following rules:
1- Risk management .
2. Have your own strategy.
Short Oil at the top of rangeOil is trading in a range Long term its starting to look bullish but I feel we may retrace one more time to the support area.
My only concern is the amount of wicks on the weekly chart near the support.
I feel there may be some institutional accumulation of oil at that level.
will be looking for a buy entry when we return to the support level marked on the chart
Results of the OPEC+ MeetingThe OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary:
→ the organization (which currently consists of 13 countries) is looking for new members;
→ the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID;
→ nevertheless, the organization is positive about the demand for oil in the second half of 2023.
Judging by the fact that no sharp statements were made, OPEC members are satisfied with the current situation. The oil price chart shows that the level of 72.25 in June confirmed its support for the market. It may be based on the decisions of OPEC to reduce production volumes when prices fall to these levels.
It can be stated that the market has been in the consolidation stage for 2 months already. But with strong support from OPEC, the bulls may try to break through the current resistance level (1).
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.
BRENT // 71.392 AttentionWe are having difficulty surpassing the wedge indicator. 71,392 can be viewed as buying.
Brent - the time of marking time is coming to an end.Brent oil, in my opinion, has bright prospects. For a week in a row (more precisely, after April 30, 2023), the weekly candle has never been able to close below the level of 73.90. This clearly indicates a shift in strength in favor of the bulls. In my opinion, we are going to see a rapid and rapid growth up to $140 per barrel.
UKOIL(BRENT)-07/05/2023Preferred direction: BUY
Comment: The long idea for oil has been working out very well and after completing the planned path earlier, the level of 77.39 opens for the buyer. A rather difficult obstacle for the buyer, because if not for it, then the price could rise above 78 from the current ones on the impulse. Therefore, in the near future, an approach to 77.39 is expected, then consolidation (most likely) and after a rise above 78.
Thank you for like and share your views!
Could we see this fall back to support?Technically speaking, we could see price fall back towards the horizontal support level after rejecting again off the diagonal trendline. OPEC meetings ongoing, so any major news events from there might cancel out and technical setups
ukousd is looking bullish ukousd is making bullish deep crab so it retesdt c area and ready to bull run for D
bullish scenario
Brent to stall at trend of lower highs?Brent - 24h expiry
Daily signals are bearish.
Trend line resistance is located at 76.60.
50 1day EMA is at 76.35.
We look for a temporary move higher.
Preferred trade is to sell into rallies.
We look to Sell at 76.39 (stop at 77.39)
Our profit targets will be 73.89 and 73.39
Resistance: 75.90 / 76.40 / 77.34
Support: 75.20 / 74.80 / 74.40
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
DeGRAM | UKOIL bearish pressureUKOIL has been making lower highs and equal lows, indicating bearish pressure.
Price is testing the resistance at 76.00, the fibo, and the channel's upper border, which is a dynamic resistance.
The market is making a pullback on the larger scale of the bearish trend.
We anticipate a pullback. The market has dropped from this level before.
-------------------
Share your opinion in the comments and support the idea with a like. Thanks for your support!
UKOIL (BRENT)-06/29/2023Preferred direction: BUY
Comment: Oil has been trading in the range of 72.36 - 77.39. The most pleasant entry points are certainly located at the extremes, however, the current price attracts those formed by accumulation. Accumulated selling can well push the price up to the level of 76.30.
Thank you for like and share your views!
Will Brent find buyers at crucial support once again?Brent - 24h expiry
A level of 72 continues to hold back the bears.
Daily momentum has stalled and our bias is now neutral.
Expect trading to remain mixed and volatile.
We look to buy dips.
The hourly chart technicals suggest further downside before the uptrend returns.
We look to Buy at 72.13 (stop at 71.13)
Our profit targets will be 74.63 and 75.13
Resistance: 73.30 / 74.00 / 75.00
Support: 72.40 / 72.00 / 71.62
Risk Disclaimer
The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy.
Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
BRENT POSSIBLE DOWN MOVEMENTOil prices fell over 1% on Tuesday as the European Central Bank signaled more interest rate hikes. Investors awaited data on U.S. fuel consumption during the summer driving season. Brent crude futures dropped 1.6% to $72.96 a barrel. Higher interest rates and concerns about economic slowdown in Europe put pressure on prices. U.S. inventory data and a Reuters poll indicating a likely decrease in inventories were anticipated. The backwardation in Brent crude and shallow contango in the market reflect supply concerns easing and a slightly oversupplied market. Geopolitical events, such as the Wagner mutiny in Russia, have been overshadowed by macroeconomic considerations. Chinese oil demand in the second half remains crucial, with plans to invigorate markets yet to be detailed.
Recent events in Russia have set the stage for a potential oil price rebound. However, uncertain global macroeconomic conditions make it difficult to predict when a break in support and a move lower might occur. US Crude Oil Inventories saw a double decline, while drilling activity in the US decreased. WTI and Brent prices have been testing support levels, but each rebound has been less significant. The convergence of long-term resistance and support levels suggests an imminent decision for oil's direction. Geopolitical factors and economic indicators influence prices. Confirmation below $72 for Brent would indicate further downside potential.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
BrentThe price of Brent crude oil is close to the local support level. Which is clearly expressed on the chart at $71. Also on the chart you can see the trend resistance level, which presses the price to the horizontal support level. In the near future, a breakdown of the structure may occur, which could potentially push the price above $80. This may be affected by the geopolitical situation in Russia. Which is the leader of OPEC +
