Oil Turns BullishHere Is My Analyst On Oil. I believe we are due to make higher highs next week. Looking at the 4hr & Daily shows bullish imo.
UKOUSD trade ideas
Oil: Bullish Momentum Continues on Supply Disruption ConcernsTechnical Analysis
15-minute chart:
On the 15-minute chart, Brent oil is currently trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. This suggests that the bulls are in control and that the price is likely to continue to rise in the near term.
4-hour chart:
On the 4-hour chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. However, the RSI indicator is nearing overbought territory, which suggests that a pullback may be due in the near term.
Daily chart:
On the daily chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. The RSI indicator is also in neutral territory, which suggests that there is no overbought or oversold condition.
Overall, the technical analysis suggests that Brent oil is likely to continue to rise in the near term. However, investors should be aware of the potential for a pullback if the RSI indicator enters overbought territory.
Trading Strategy
Traders who are bullish on Brent oil could consider buying the dips. A stop loss could be placed below the 20-period moving average, and a take profit target could be placed at the next resistance level.
Traders who are bearish on Brent oil could consider shorting the rallies. A stop loss could be placed above the 20-period moving average, and a take profit target could be placed at the next support level.
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Oil Brent - H4\D1Oil Brent
The nearest target is at 96.00 in continuation of the 5th wave on D1
H4 - there was a fixation behind the correctional channel and a 3-wave structure may form, which may indicate continued movement up the trend.
What to expect now?
Expectation of breaking through the level - 89.25, locally the target is 91.40 - 94.88
When opening a position, it is best to exit the position from the level of 86.47 - 85.66, if this scenario does not materialize.
Long
Targets 89.98 - 91.40 - 92.75 - 94.88 - 96.00
Strifor || UKOIL-10/25/2023Preferred direction: SELL
Comment: For oil, the previous trading idea also worked out perfectly and the instrument is now trading at the level of 86.62. Despite the general tense geopolitical background, the instrument is still considered for sell, and the purpose of the sale is gap closing. Presumably, this goal will be achieved within one trading week.
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Brent (ICE) (Z3) Intraday May fall -2.01 % the downside prevailPivot: 90.60
Our preference:
short positions below 90.60 with targets at 87.00 & 86.25 in extension.
Alternative scenario:
above 90.60 look for further upside with 91.10 & 91.80 as targets.
Comment:
the RSI is below its neutrality area at 50%
Strifor || UKOIL-10/20/2023Preferred direction: SELL
Comment: Yesterday, oil still showed growth and we were forced to exit with a stop loss. However, the priority of sales remains and today once again we are considering sales from current prices with a target of 90.72 and even with fixation below.
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OIL EW COUNT (potential hedge against recession)Just a EW count on OIL
Personally I dont think there is huge upside on OIL, but if we get a nice pullback towards the $50-$47 area, could be worth it to take a position and hold it for few years especially if markets get choppy volatile and give off massive dumps - please check my analysis on SPY: and NDX:
I will provide a more in depth analysis on these important charts over the next few weeks as markets print and provide us more clarity.
Brent Crude Speed LinesI'm going for Speed Lines combined with Fibonacci retracement tool. Price is at a level of importance previous support now resistance. Uncertainty is our game so we should anticipate all possible moves the price can take and then trade the move with the highest probability. With what is going on in the world and social media still expecting Oil to go to $100 my bias is bullish. at least for now.
BUY BRENT for uptrend continuation update
BUY BRENT NOW ✅
STOP LOSS : 88.25
TAKE PROFIT : take profit will be when the trend comes to an end and will be shared with my vip members .
Remember to risk only what you are comfortable with…….trading with the trend, patient and good risk management is the key to success here
Crude Oil: Planning Strategies Today
Through the analysis of the hourly chart of crude oil, we know that the market rose first and then fell yesterday, forming a shock upward breakthrough trend yesterday. By comparing with the previous period, we already said last week that we expected to form a bullish trend. When the high level fell in the early period, all the moving averages began to turn around. The downward movement forms a turning point from bull to bear. From the formation of a wave of decline, all the moving averages have formed a bull trend. All the moving averages below are supports, and the MACD below has always been running above the zero axis. The market is very likely to make further upward breakthroughs. In terms of operation, we continue to think high and low and focus on going long on dips and shorts. The specific suggestions are as follows:
Crude oil 90 and 91.50 are long respectively.
Crude oil is short at 95.0 and 95.6 respectively.
Strifor || UKOIL-10/19/2023Preferred direction: SELL
Comment: After the rally in oil, prices are most likely ready for a correction. The downward correction is expected to continue. Positions are considered from current prices with a view to approaching level 88. Presumably, after which there will be a pause and a likely continuation of the fall.
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On Factors Influencing the Price of Oil: Biden, Israel, VenezuelPushing off the lower boundary of the ascending channel, the price of Brent oil rose by more than 8% amid fears of an escalation of conflict in the Middle East, which should pose a problem both for the US economy, which suffers from high inflation, and for President Biden personally on the eve of the elections.
The situation is aggravated by the fact that oil reserves in US strategic storage facilities are near minimums since 2014. That is why:
→ it can be assumed that the goal of containing the rise in oil prices was one of the motives for Biden’s visit to Israel on Wednesday. It is expected that the price of oil may be affected by Biden's speech from the Oval Office, scheduled for Thursday evening 20:00 ET (or Friday night at 03:00 GMT+3);
→ the United States has eased sanctions against Venezuela, which has the largest oil reserves in the world.
From a technical analysis perspective, a rally from the October lows (B) after a decline from the September highs (A) may confirm that important divergent drivers are battling in the market.
The Brent crude oil chart shows that:
→ resistance is provided by the median line of the ascending channel;
→ resistance is also observed from the level of USD 91, which served as support in September;
→ the presence of selling pressure is also evidenced by the long upper shadow on yesterday’s candle.
However, will the resistance be able to hold out if the situation in the Middle East, which provides a third of world oil consumption, continues to escalate? According to Bloomberg, there are concerns that Israel's expected ground offensive on the Gaza Strip could provoke a more aggressive response from Iran-backed Hezbollah in southern Lebanon and perhaps from Tehran itself.
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