Oil, as expected, did not hold above 86.As I suggested yesterday, and suggested in earlier posts, oil failed to stay above $86. It seems that in order to break out of the existing corridor, some additional incentives will be required.
UKOILSPOT trade ideas
Oil jumps.Oil quotes rose to a four-month high and it seems that growth has lost momentum. The increase came amid the decision of Russia and Saudi Arabia to cut production. An interesting question is whether the growth will continue. I would venture to share my opinion - I think the growth will not continue. But it is not exactly)
Countertrend long after heavy sellingWe are still in downtrend, but still a lot of buy orders residing in the blue demand-area. Expect 50% FIB- rally from last high-low, followed by pullback to demand-area and then explosive upward move to upper supply.
Brent oil forecast came true. But the profit will not be big.Yesterday's analytics on technical levels for Brent oil turned out to be successful. After the breakdown of the resistance level, the quotes moved up as expected. But growth will probably be limited by the level of 86.
BCOUSDHello
Buy
Analysis of Brent oil
The support of the $80 range is important
With the market breaking the trend line, this low can now be considered a pullback, and by maintaining the support of $80, it will continue to rise towards $99 and even $106, which is the main target.
Brent - key levels.The picture with technical levels for Brent oil now looks like this:
current quotes are between two levels - support at 82.60 and resistance at 84.80. It seems that the breakdown of any of the levels will decide in which direction the next movement will be.
How long can the oil price rise? How long can the oil price rise?
It’d be quite possible to see an extended uptrend with Brent retesting $97 later this year if sentiment in markets remains generally positive and fears of recession don’t clearly return. Oil can often trend for quite a long time compared to other popular CFDs, so if this is indeed a new main uptrend it might continue into the fourth quarter.
However, sentiment will almost certainly change to some degree when significant activity returns to markets in September. Negatives for crude fundamentally include weaker economic data from China in recent months combined with Russia’s avoidance of sanctions by exporting through Saudi Arabia, though the latter specifically and OPEC+ generally seem to be determined to keep prices high.
Equally, January’s high around $88.40 might be an important resistance which could resist testing. The main goal as a trader of oil during seasonally low volume is usually to avoid entries at extremes while trying to use support, moving averages and others to determine when a retracement becomes short-term downtrend.
ukoil 8hours sell side 15% swing trade setup🔸Today let's review the 8 hour chart for brent oil . Noteworthy bounce in progress
after accumulation near lows, however currently getting overbought.
🔸OPEC production cuts finally kicked it, therefore we got a decent pump in the oil
market. Strong resistances overhead near 87.20 and 89.20, expecting bull trap setup
after we break above the stop loss clusters.
🔸Recommended strategy for BEARS: look out for bull trap setup near 90.60 and get
ready to short sell from overhead. limited upside beyond 90.60 usd, bears will target
re-test of mirror s/r level at 77.80 and 75.20 usd. this is a 15% swing trade setup
on sell side, good luck traders!
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#oil #short #usdI just drew 2 lines in the simplest way and it gave me this position, we have suffered in this limit in the past and the ceiling is strong.
Brent long term viewIn my view Brent will retest broken big descending traingle so I expect price retest 55-60$ area before restoring long term main bullish move to tp1 165$ and tp2 181$ in next 2 years
DeGRAM | UKOIL fibo cluster levelUKOIL is moving to resistance at 86.00 and a fibo cluster.
The price is printing potential of the AB=CD pattern.
The oil market is approaching major resistance on the D chart.
We anticipate a reversal from the resistance level.
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Oil Flirting with Sell off Oil due to heavy pressure due lack of demand even after opec cut its production its still not clear for a rebound on oil markets... for moment... oil is a sell with pressure down...60 ahead... never know for moment its a sell follow the trend
Oil/brent/crude trend upBrent crude oil has been in a long term channel since middle 2022... now for traction and direction of its trend is up... for moment. Better safe then sorry!
Down the rabbit holeUnfortunately I have no clue if the coincidences will keep on popping on this one as I was doing a little bit of a Stand Up while drawing this. Actually I was standing down, but that's for that's for another story.
Don't go down the rabbit hole. It's not what you expect.
No trading advice on this one. This is more crazy than it should be.
Original idea linked to this one. Don't go down the rabbit hole.
