Brent Seell!Based on the previous analysis I had done on this commodity, it is now time for a sell entry considering that the price has retested the support zone, converting it to a resistance zone.
Entry point at 80, SL at 82 and TP at 76.
UKOUSD trade ideas
Brent Crude Oil Pattern FormationThis commodity has been forming a pennant (an indication of a ranging momentum) for the past few weeks.
Let us now focus on the shorter timeframes to have a clarity on where our entry positions might be.
Brent Crude Oil Shooort!Based on the previous analysis I had done, it seems that this commodity might test the lower trend line of the pennant pattern.
Considering that it is consolidating as for now, a sell entry position can be entered at around 80.80, when the price breaks out,
Let us wait as for now to gain more clarity.
Oil-Brent(UKOIL) | Range Idea | London Session
The labels that are used are ment to draft and measure context to the price action involved and contain no rules-engaged notebook + applied-set up indicators, but an anvoiding interference to use other rules-engaged software to enhance in general, regarding to the watchlist and trade plan that is relevant to trade-on
# POSITION & Risk Reward | 15 Minutes Time Frame
- Measurement on Session
* Retracement | 0.5 & 0.618
* Extension | 0.88 & 1
# POSITION & Risk Reward | 1 Hour Time Frame
- Measurement on Session
* 20 EMA
* 1000 EMA
* Retracement
# TREND | TIME FRAME CONDUCTIVE | 4 Hour Time Frame
- Measurement on Session
* Retracement
* Support & Resistance
* Trade Area | Focus & Motion ahead
Within a 100K Account Balance the split on Trade & Risk Management = 1/10% - 1/20% margin as an Execution Range, to set up an Order Entry and select a per Trade on Average, to avoid any drawdown hit regarding to Stop Loss & to execute Risk on Management Specifics. Trail Stop efforts are a Focus of Attention to the set up in general when Volatile-Price-Action is involved, mainly because of the usage of an Intraday-Scalp-Position tool on behalf on the Trade Plan in general
Brent Crude Oil Price Is DecliningBrent Crude Oil Price Is Declining Amid De-Escalation in the Middle East
On 8th July, we noted that oil prices were forming a large narrowing triangle, originating from 2022-2023, with its upper boundary being a significant resistance point.
As shown on the Brent oil price chart (XBR/USD), bulls have since failed to overcome the upper boundary resistance around $87. Subsequently, the price:
→ turned downwards, breaking the blue upward trend line;
→ eventually breached the support level at $84, which we highlighted on 8th July;
→ Formed a descending channel (indicated in red).
Bearish sentiment is driven by:
→ news of increased oil inventories;
→ reduced tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu stated that an agreement with Hamas on hostage release is "maturing."
What’s next?
Technical analysis of the Brent oil price chart indicates:
→ The price is at the lower boundary of the red descending channel, which may provide support.
→ The accelerated decline since Friday has resulted in a loss of over 4%, potentially prompting bears to take profits.
In the short term, a bullish correction to the median line of the red channel is possible. The holiday season, currently in full swing, could also support oil demand.
What about the long term? Reuters reports an oil price forecast from Morgan Stanley analysts, according to which, although there is a clear deficit in the oil market, they expect that supply and demand will reach equilibrium by the fourth quarter, and by next year there could be a surplus, resulting in prices for grade oil Brent will fall closer to $70 per barrel. If accurate, this would mean the current narrowing triangle would be broken from the top down.
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.
Is the drop in oil prices over?📊According to the buying pressure in the market, if the range of 85.5 units is broken upwards and the price stabilizes above it, the price may increase to the range of 86.0 units🎯, and in the case of the strength of the range of 88.0 units🎯🎯.
📊Otherwise, the price may decrease to the range of 83.4 units.
Critical Zones for #UKOILThe depicted zones are critical for #UKOIL .The price can react to them and can be entered in long positions. Up to your entry type and risk management set TP/SL. Do not forget that you cannot succeed in this market without proper risk management.07/18/2024
Crude oil rallies sharplyCrude oil has rallied sharply today. Both Brent and WTI have created large bullish engulfing candles on their daily charts. These suggests that more buying could be on the way in the days ahead, as the previous selling pressure has been replaced by buying.
Today’s gains were driven by a sharper-than-expected drawdown in US oil inventories data.
The recovery began earlier in the day after the American Petroleum Institute (API) reported last night that US oil inventories fell sharply, down by 4.44 million barrels for the week ending July 12. The previous week, the API had reported a 1.9 million barrel draw in crude inventories.
These figures were confirmed by official data released today by the Energy Information Administration (EIA). The EIA data showed an even more significant drop in oil stocks than the API data had indicated, with a decline of 4.9 million barrels last week. This unexpected drop partly explains the rally in oil prices today.
By Fawad Razaqzada, market analyst at FOREX.com
oilThis was supposed to be share last week sadly i forgot to publish same usoil same sentiments
the assert is building leg c of correction and we looking to long on a zone
Nice head and shoulder for sellOil in daily chart in the triagle and also in downtrend , also in h1 chart you can see nice head and shoulder in downtrend and you can take sell position with low risk , if you have a new idea please say it
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis
On D1, you can consider a potential retest of the trend line, which can indicate a local trend change. You can consider a 3-wave structure with little risk for a downward movement trade. If this scenario begins to be realized globally, the targets can be considered at the level of 76.73 - 70.10. Entry by market or from levels 84.30. Stop for the 2nd wave.
Target 83.25 - 76.60
UKO USD SHORTHello everyone, I would like to share my next trade idea to go short on oil, hopefully my idea will be favorable and will result in profit taking between today and tomorrow, greetings.
Brent Crude Oil Price Hits the Highest Level Since 1 MayBrent Crude Oil Price Hits the Highest Level Since 1 May
Analysing the oil price on 19th June, we wrote that:
→ Amidst increasing demand for oil during the holiday season, Goldman Sachs analysts suggested that by the end of summer, the Brent price could rise to $86 per barrel with an upper limit around $90.
→ The price could reach the upper boundary of a narrowing triangle that originated in 2022-2023 – technically, this is a significant resistance level.
As the Brent crude oil price chart (XBR/USD) shows, the price has reached the upper boundary of the triangle since then. How will events unfold from here?
Technical analysis of the Brent crude oil price chart indicates that:
→ The price increase in June has formed an ascending channel (shown in blue);
→ The resistance effect of the upper boundary of the large triangle has led to the A→B movement. The price quickly reached the median line of the blue channel, confirming seller activity above $87 per barrel.
The price decline at the end of last week was influenced not only by technical factors but also by fundamental ones – as Reuters reports, oil prices are falling amidst renewed ceasefire talks and a hostage release deal in the Gaza Strip.
It is possible that the Brent crude oil price could drop to the lower boundary of the blue channel, from where bulls may attempt to resume the upward movement. The following fundamental factors have the potential to support the bulls:
→ The impact of Hurricane Beryl on production and operations in the US. Major ports in Texas have shut down operations and vessel movements as Beryl continues to strengthen approaching the coast near Houston.
→ Breakdown of negotiations and the threat of escalation in the Middle East and other geopolitical factors.
→ Continuation of the holiday season.
Note that the lower boundary of the blue channel is reinforced by the $84 support level. Considering the upper boundary of the triangle, traders have reasons to believe that in July, a consolidation pattern could form on the XBR/USD chart between the $84-$87 levels.
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 - Had EnoughBrent had enough with a triangle to complete B from its correction
seems we're heading to play wave C to complete the correction
92.15 will invalidate the pattern
UKOIL JULY 2024 WEEK 2 OUTLOOK -
Daily - looks great for longs.
Origin - we have opened inside VA. similar to GJ, once price holds above POC, we are good to drop down to trigger TF and look for long entry.
Does oil need price correction?📊In the four-hour time frame, the trend of the price movement is upward, but due to the compression of the price movement and increasing selling pressure, if the upward trend is broken, the price will move downwards and the price stabilizes below the range of 85.5 units, the price may fall to the range of 83.5 units🎯, and in the case of strength, the range of 81.0 units 🎯 🎯 .
📊Otherwise, the possibility of price increase up to the range of 90.0 units.
Elements & Focus of Attention on Brent Oil | London Session - 02Key indicators on Trade Set Up in general;
1. Push Set Up
2. Range Set Up
3. Break & Retest Set Up
Within a 100K Account Balance the split on Trade & Risk Management = 1/10% - 1/20% margin as Excution Range, to set up an Order Entry and select per Trade on Average, to avoid any drawdown hit regarding to Stop Loss & to execute risk on Mangement Specifics. Trail Stop efforts are a Focus of Attention to the set up in general when Volatile Price Action is involved, mainly because of the Intraday Scalp Position Tool on behalf on the Trade Plan in general.
Elements & Focus of Attention on Brent Oil | London Session - 02-07-2024 - Opening Range
# Overall Bias - 4H Time Frame
- Structure Eminent | Impulsive Contraction
# Market Cap - 4H Time Frame
- Confluence Set Up | Session | Time Frame Entry
# Backtest | Trade Mark - 15 Minutes Time Frame
- Bullish & Bearish Order Block
Conclusion | Trade Plan Execution & Risk Management on Demand, specifics are essential like applied;
* Buy Push | Sell Push Set Up
* Trail Stop & Take Profit / aim big(Price action moves slow)
* Directional movement
* High probalility move(High Volume)
Active Session on Relevant Range & Elemented Probabilities;
* Asian(Ranging) - London(Upwards) - NYC(Downwards)
Brent Crude year ahead 2024Interesting pattern here!!, can the world push for a once a year environmental lockdown of a couple of weeks? If they get their way we might just see this pattern plays out.
Do your year ahead analysis to get an idea of possible turning points. We make use of a weekly timeframe to analyze the year ahead, breaking 2024 up in to 4 quarters. From here we move down to lower timeframe for microscopic analysis and trade entries on lower timeframe. Higher timeframe trendline, speedlines, Fibonacci or Pivot Points remain longer in play. To learn more get our website link on our main profile.
Saudi Arabia delivers a major blow to the dollar!Oil prices have shown steady growth from $76 to $85 per barrel of Brent crude (#BRENT) since the beginning of June. This rise is driven by seasonal factors: high consumer activity during the summer driving season, increased demand from the transportation sector, and higher electricity consumption for air conditioning.
However, a more significant development in the oil market is the expiration of the 50-year-old Security Agreement between Saudi Arabia and the USA, signed in 1974, and Riyadh's refusal to renew it.
The agreement facilitated economic cooperation and military needs between the two nations, stabilizing the situation after the crises of the 1970s. The US benefited from oil at favorable prices, while Saudi Arabia gained a technological ally and wealth. Crucially, this agreement mandated that Saudi Arabia sell its oil exclusively for dollars, a restriction that no longer applies. This system greatly strengthened the dollar's position as the dominant global reserve currency by creating worldwide demand for dollars directly tied to oil transactions. Many have called this the "deal of the century."
Abandoning the petrodollar system could, in the long run, weaken the dollar's influence and impact US financial markets, reducing Washington's ability to accumulate national debt and profit from exports. Countries like China, Russia, Iran, and India are increasingly settling trades in their national currencies. By 2023, already 20% of global oil was being purchased without using the dollar. Now, Saudi Arabia can sell oil for any currencies or assets, including the yuan, gold, and even cryptocurrencies, which could significantly boost the value of these assets over time.
FreshForex analysts recommend closely monitoring changes in settlement schemes in the energy markets. Trading instruments like Bitcoin (BTCUSD), Gold (XAUUSD), and the US Dollar to Chinese Yuan (USDCNH) might become very profitable investments in the future .
Invest ahead of the curve!
BRENT - UniverseMetta - Analysis#BRENT - UniverseMetta - Analysis
On D1, after the impulse, the price broke through the previous highs with the 1st wave, which subsequently may indicate a potential correction within 40-50% of the impulse.
On H4, a 3-wave structure is forming as the movement continues. You can limit yourself to a short stop at the level of breaking through the local second wave
To cancel, form the 3rd wave in the opposite direction.
Goals: 82.42 - 81.52 - 80.08
UKOIL shortJust added another one short because the market gived beautiful correction aka discount.
Double ABC pattern, clear scenario and clear target level.
What a symphony.
BUY Brent crude oil for uptrend continuation STOP LOSS : 83.8BUY Brent crude oil for uptrend continuation
STOP LOSS : 83.84
There is a strong trend on the daily time frame and all that have happened in the past days was just consolidation ( or trend pull back before continuation) .....
The daily time frame is showing strength continuation from this level of support and resistance so we are looking for the trend to push forward from here .....
TAKE PROFIT : take profit will be when the trend comes to an end, feel from to send me a direct DM if you have any question about take profit or anything
Remember to risk only what you are comfortable with…….trading with the trend, patient and good risk management is the key to success here
