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THE WORLD IS CHANGING, SO IS THE OIL PRICE MOVEMENTSCAPITALCOM:OIL_BRENT On the fundamental side, Brent oil prices have been supported by a number of factors in recent months, including: Strong global economic growth, which has boosted demand for oil. Supply disruptions caused by the ongoing conflict in Ukraine. The decision by OPEC+ to cut production by 2 million barrels per day. The war in Iran, which has raised concerns about further supply disruptions. However, there are also some headwinds facing Brent oil prices, including: The potential for a global economic recession, which would reduce demand for oil. The release of oil from strategic reserves by the United States and other countries. The increasing popularity of electric vehicles, which could reduce demand for oil in the long term. Overall, the fundamental outlook for Brent oil is bullish. The factors supporting prices are likely to outweigh the headwinds in the near term, but there are some risks to the upside potential. Technical analysis On the technical side, Brent oil is currently in an uptrend. On the 30-minute chart, the price is above the 50-day and 200-day moving averages, and the RSI indicator is above 50. This suggests that the bulls are in control and that the price is likely to continue to rise in the near term. On the 4-hour chart, the price is also above the 50-day and 200-day moving averages, and the MACD indicator is giving a bullish crossover signal. This further confirms the uptrend on the 4-hour chart. On the daily chart, the price is also above the 50-day and 200-day moving averages, and the RSI indicator is above 50. This suggests that the uptrend is likely to continue on the daily chart as well. Elliott wave analysis Elliott wave analysis suggests that Brent oil is currently in the fifth wave of a five-wave Elliott wave sequence. This means that the price is likely to continue to rise until it reaches its target, which is around $100 per barrel. Conclusion Overall, the fundamental and technical outlook for Brent oil is bullish. The price is likely to continue to rise in the near term, with a target of around $100 per barrel. However, investors should be aware of the risks posed by a potential global economic recession and the ongoing war in Iran. Additional thoughts on the war in Iran The war in Iran is a significant wildcard for the oil market. If the war escalates, it could lead to a major disruption in oil supplies, which would send prices soaring. However, it is also possible that the war will be resolved quickly, with minimal impact on the oil market. Investors should closely monitor the situation in Iran and be prepared to adjust their positions accordingly. I am deeply saddened by any war and the conflicts happening around the world. My heart goes out to all those who have been affected by this violence. I know that words alone cannot heal the pain of those who have lost loved ones or been displaced from their homes. However, I want to express my solidarity with all those who are suffering and to let them know that they are not alone. I believe that peace and understanding are essential for a better future. I hope that we can find a way to resolve these conflicts peacefully and build a more just and equitable world for all. This being said, coming back to our analysis, good luck everyone in your financial decisions.
CAPITALCOM:OIL_BRENTLong
by YExplore
Gold and Oil Gap Higher on Middle East ConflictContent: Amidst escalating tensions in the Middle East, both oil and gold prices have gapped higher in early trading on Monday. Let’s delve into the factors driving these market moves. Oil Prices Surge Amidst Middle East Unrest While Israel itself is not a major oil producer, there are worries that the conflict in the Middle East could lead to tougher enforcement of sanctions on oil from Iran, a nation that has supported Hamas. Additionally, the conflict could complicate efforts by the U.S. to normalise relations between Saudi Arabia and Israel. This, in turn, might affect Saudi Arabia's willingness to increase its oil output. Brent crude, the international benchmark has gapped back above the volume-weighted average price (VWAP) from the June swing lows and briefly flirted with the 50 Day Moving Average (see chart below). Brent Crude Daily Candle Chart Gold Prices Reflect Safe-Haven Demand Gold, often viewed as a safe-haven asset, has also gapped higher this morning, driven by growing concerns over geopolitical tensions. The precious metal's price has surged as investors seek refuge from uncertainty and global instability. Geopolitical conflicts, such as the one in the Middle East, often drive investors toward safe-haven assets like gold. On the price chart (below), we can see that this morning’s bullish gap has followed Friday’s bounce from key support. Prices are now within touching distance of the VWAP anchored to the September swing highs and this is an area which may provide resistance moving forward. Gold Spot Price Daily Candle Chart Disclaimer: This is for information and learning purposes only. The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.
CAPITALCOM:OIL_BRENT
by Capitalcom
2
Israel Under Attack, Oil Prices Rise Sharply On Friday, trading in WTI oil futures on the NYMEX closed at USD 82.81 per barrel. And on Monday morning, they opened at a price of USD 85.25 and began to quickly rise in price, reaching 87.24. Natural gas prices have also risen sharply. The reason is Saturday's attack on Israel. And, of course, associations arise with the oil crisis of 1973, when Arab oil-producing countries refused to supply raw materials to the United States and other allies that supported Israel. Then the price of a barrel rose from USD 3 to 12 in six months. Is such a 4-fold increase possible after 50 years? The rise in oil prices seems to hint at this possibility. Nothing can be ruled out. Although the US created a strategic reserve as a result of the oil crisis, it was greatly depleted due to the fight against inflation. Technical analysis of the WTI oil price market shows that: → the price pushed off the lower border of the blue ascending channel, finding support around USD 84; → the price may fall to the lower border of the downward red channel to close the gap; → resistance to growth can be provided by both the median line of the red descending channel and the psychological level of USD 90. However, the main price driver should be expected to be news related to Israel and the position of Arab oil producers. 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.
FXOPEN:XBRUSD
by FXOpen
The Price of Black Gold: A Poetic Analysis -- The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset. -- The Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. -- The MACD for Brent Oil is currently above the signal line and in positive territory. This suggests that the uptrend in Brent Oil remains intact. -- Potential Direction for Brent Oil Based on the Elliott Wave, RSI, MACD, and other technical tactics, the potential direction for Brent Oil on the weekly timeframe is bullish. Brent Oil is likely to continue its uptrend, with the next target being the 100 USD level. However, if Brent Oil breaks below the 80 USD level, it would suggest that the uptrend is at risk. -- Factors That Could Affect the Analysis There are a number of factors that could affect the analysis of Brent Oil, including: Global economic growth: A strong global economy will lead to increased demand for oil, which would support prices. Geopolitical tensions: Geopolitical tensions in the Middle East and other oil-producing regions could lead to supply disruptions, which would boost prices. US monetary policy: The US Federal Reserve is raising interest rates in an effort to combat inflation. This could lead to a slowdown in the global economy and a decline in oil demand, which would weigh on prices. Overall, the technical outlook for Brent Oil is bullish on the weekly timeframe. However, investors should be aware of the factors that could affect the analysis and should adjust their positions accordingly. -- Additional Notes It is important to note that no technical analysis is perfect, and the price of Brent Oil could move in a way that is not anticipated by the analysis above. Investors should always do their own research and consult with a financial advisor before making any investment decisions.
CAPITALCOM:OIL_BRENT
by YExplore
BRENT OIL ( UK OIL ) LONG term Trade AnalysisHello Traders In This Chart UK OIL HOURLY Forex Forecast By Forex Planet today UKOIL analysis 👆 🟢This Chart includes_ (UKOIL market update) 🟢What is The Next Opportunity on UKOIL Market 🟢how to Enter to the Valid Entry With Assurance Profit This Video is For Trader's that Want to Improve Their Technical Analysis Skills and Their Trading By Understanding How To Analyze The Market Using Multiple Timeframes and Understanding The Bigger Picture on the Charts.
TVC:UKOILLong
by ForexPlanet20
SasanSeifi 💁‍♂️Brent 👉1D🔼 90 / 94 Hey there! 😊 On the daily chart, As you can see, the trend turned quite bullish after it broke past that pesky resistance at 78 and overcame the dynamic resistance too. Right now, it's hanging out around 86. Fingers crossed, if it stays above the 82 mark, we could see it making its way up to the 90.70 resistance level and even touching the long-term supply zone. If it keeps climbing, we'll want to keep an eye on how it interacts with those resistance spots. Let's see where it goes from here! 🚀 Just keep these scenarios in mind as you analyze the market. Remember, things can always change unexpectedly, so stay flexible in your trading approach.❗ Wishing you loads of success in your trading adventures, my friend!✌ ❎ (DYOR)...⚠️⚜️ Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help! And if you found my analysis helpful, I would appreciate it if you could show your support by liking and commenting. Thank you!🙌
BLACKBULL:BRENTLong
by SasanSeifi
Brent OIL - 200dmaBrent oil price has returned to the 200day moving average and a previous support zone. Wedge breakdown TP1 is 81.60 MACD crossover signaled the loss of momentum + double top. RSI is approaching oversold. The **200-day moving average** is a technical indicator used to analyze long-term trends. It's a line that represents the average closing price for the last 200 days. If the price is consistently above the 200-day moving average, it's an upward trend. If it's below, it's a downtrend. The 200-day moving average can also be used to identify key levels in the market. When shorter-term moving averages cross the 200-day moving average, it can signal changes in the trend.
FX:UKOILSPOT
by Trader-Dan
$UKOIL could revisit $105 by early 2024Hi guys! 👋🏻 🔔 Brent Crude may revisit $105 based on this weekly chart, on a longer term, we might see the price of the oil to rise to $170. 🔔 The US is easening the access to the market for Iran, whereas Iran reported that it will increase its production to fulfill the market's demand. 🔔 On the other side, OPEC will take necessary measures to keep the price higher by either cutting the production or negotiating with Iran on global oil production quota. 🔔 Iran's access to the global market won't intie Iran's hands on producing and selling oil at its will, as the state is also a long-time member of the Cartel. ✊🏻 Good luck with your trades! ✊🏻 If you like the idea hit the 👍🏻 button, follow me for more ideas.
TVC:UKOIL
by azizelliott
Oil Brent - H4Oil Brent You can already see the formation of an ABC correction - if the price does not form a full-fledged three-wave structure and turns the trend downward. The nearest target is at 87.50 What can you expect now? You can consider entering from current price levels, but reduce the risks . When opening a position, it is best to exit the position from the level of 91.50, if this scenario does not materialize. You should be careful, as this is a correctional formation. Targets 89.15 - 88.20 - 87.50
TVC:UKOILShort
by Trade_Hive_Signals