ukoil 1 hour chart distribution tp 65 usd / bbl🔸Today let's review the 1 hour chart for brent oil . Previously strong downtrend in
progress entire 2023 so outlook remains bearish until we can daily close above 80 usd.
🔸OPEC production cuts have low impact on prices recently due to lower global
demand. Technically, we are in a distribution pattern setup since May 2023 and expecting
breakdown and new/fresh lows soon for Brent.
🔸Recommended strategy for crude oil traders: short-sell near market / short-sell rips
and rallies, limited upside and final TP bears is 65 USD. once we get a valid breakdown
of the structure expecting losses to accelerate in this market.
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UKBRENT trade ideas
UKOILBig risk and I do not advise it. This is something I have been watching from a distance for months, so no I want to try what I have been figuring out with OIL.
I'm only posting because I need it for records and learning material for myself in-case this goes sideways, even when you look the RR is very bad but this is how far my strategy for oil has brought me.
UKOIL(BRENT)-06/19/2023Preferred direction: BUY
Comment: Closing the price above the local resistance 76.30 creates a potential movement for buyers towards 77.39. This will be another major buying hurdle as it is medium term resistance. Given the context of the price movement towards this resistance, there is a very high probability of a breakout to the upside. Perhaps this will not be the biggest upward impulse, however, the approach to the round value of 80 will most likely be provided.
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DeGRAM | UKOIL potential double top at the resistance levelUKOIL was rejected at resistance at 77.00 before.
The price is printing potential for a double-top.
The oil market is consolidating on the 4H chart.
We anticipate further consolidation and a bounce off the resistance level.
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OIL_BRENT- longIf the retest holds and the price bounces off the former resistance level, I may consider this as an opportunity to go long (buy) with the expectation that the price will continue to rise. However, it's essential to combine price action analysis with other technical indicators or fundamental analysis to increase the probability of making successful trading decisions.
Oil (Brent Crude) / Gold (1w, Heikin-Ashi) - little macroeconomyDear Everyone,
Now little macroeconomy. We have almost exact 1 year, when Brent Crude Oil peaked in relation to Gold.
That in my oppinion suggest as main source of inflation was the cost of energy, not the money supply.
With best regards,
Paweł
UKOILas we can see
the first time price managed to pierce through the long line of dynamic base trendline it attempted to fill the gap.
the move was done by a red candle with a small shadow below it. this was a very strong barve move. but for some reason the market could not bear the low price & it quickly bounced back upwards the next year.
the second time price attempted to pierce through this trendline with less power through a medium sized candle having a very long shadow and successfully reached even below the ichi cloud.
yet the GAP could not be reached. This was a testing the market tolerance & the reactions to the move.
now the market remebers this one time solid action & the industry is ready to meet the same move in the future. as though it has accepted the fact that such moves are bound to happen again & again.
I believe this time the price will finally manage to enter into this unfilled GAP.
this GAP ranges from dollar 4.3 to 10.12 .
UKOIL - BULLISHUKOIL is bullish on the chart patterns now at 74, bullish up to 78 region. monthly trend line might be broken, there is need to watch out for the monthly down trem which can cause accummulation for several weeks before breakout. overall move remains to the upside.
however, oil is a highly sentimental instrument which can be moved by dynamics of the volatile global oil and gas and geopolitical distruptions. keep an eye on news and keep your stop loss. there is crude inventory news during the week.