UKOUSD trade ideas
Demand for oil will decline.Global oil demand to grow slower than expected due to economic slippage
developed countries, according to a report released today by the International Energy
agencies. By the end of 2023, global demand for black gold is expected to grow by 2.2 million
b/d (about +2% y/y), i.e. 220 thousand b/d less than the previous (June) forecast.
Weakness of the dollar!!! Rising market of black goldHello everyone,
I hope your week is going well and that you're experiencing success with your business deals.
I've analyzed some data using the Elliott wave principle and wanted to share two ideas with you.
You can find all the relevant information in the chart attached.
I appreciate your ongoing support and wish you all the best!
DeGRAM | UKOIL short opportunityUKOIL market shows overbought at resistance at 81.00 and the fibo golden zone on the 4H chart.
If the price makes a double top at the resistance level, the market will most likely go down.
We anticipate a short trade because the ascending channel is a pullback against the major bearish trend.
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Share your opinion in the comments and support the idea with a like. Thanks for your support!
BCOUSD: Inverted Hammer Candle 1 hour TimeframeBCOUSD: I am going long on pullback based on dow theory uptrend because last closing established an inverted hammer while making Higher Low.
Potential Decline in Brent Crude Oil MomAs you may be aware, technical indicators such as the Moving Average Convergence Divergence (MACD) and Stochastics have been widely used by traders to gauge market sentiment and identify potential trend reversals. In the case of Brent Crude Oil, these indicators indicate a possible decline in momentum.
The MACD, a trend-following momentum indicator, shows a bearish crossover, suggesting that the short-term moving average is crossing below the long-term moving average. This occurrence is often seen as a signal for a potential downward trend. Similarly, the Stochastics oscillator, which measures overbought and oversold conditions, indicates that Brent Crude Oil is approaching overbought levels, implying a possible price correction.
While it is important to note that technical indicators are not infallible and should always be used with other fundamental and technical analysis tools, converging these signals warrants careful consideration. Monitoring the market closely and exercising caution in trading might be prudent.
It is worth mentioning that various factors can influence the oil market, including geopolitical events, supply and demand dynamics, and global economic conditions. Therefore, it is crucial to maintain a comprehensive approach to trading and consider multiple perspectives before making any significant decisions.
Please note that this idea is intended to serve as an observation and should not be considered financial advice. As a seasoned oil trader, I trust your expertise and judgment to evaluate the situation and make informed decisions accordingly.
If you have any questions or want to discuss this matter further, please do not hesitate to reach out in the comments.
Seems that Brent (UKOIL) trades patternPrices 5 times since March tested support levels and formed triangle. From the end of June Brent broke the upper line and formed the steep uptrend and stopped near 200 days daily MA. Now it corrects to the trendline. Should it rebound from the upper side of the triangle and form a smoother uptrend or try to test the support is the main question.
Oil is already above 80.I have pessimistic expectations about oil. In my opinion, the current growth above 80 means nothing. An important mark will be 85. But even there, not everything is clear. If there is enough momentum, it will move on. And if it is not enough (which is more obvious for me), it will beat back and again to the level of 70.8, which it could not break through.
Brent Wild RideEveryone agrees commodities are heading up over the long term. High interest rates slow down the investment in the equipment and man power to produce these commodities but high interest rates also limit consumer spending which leads to mini glut.
Fake news will be used to manipulate the price to spook positions.
UKOIL - longOil prices rise on cooling US inflation, China trade data
Oil prices climbed on Thursday after U.S. inflation and economic data sparked hopes that the Federal Reserve may have fewer interest rate hikes in store and Chinese trade figures showed monthly oil imports were the second-highest on record in June.
Brent crude and breakthrough of a sideways trendCrude after weeks of sideways trend , gives a glance of breakthrough of the sideways trend by reaching 80. If the weekly closure is above 79.375 there are chances of having upper price targets 89, 98.4 then 108 . Point of view and the market is greater than anyone.
Ukoil short ideaWe can see that we have been in downtrend quite sometime now , after the liquidity is taken we should see the trend continuation to the downside
Brent: technical levels.Oil is trying to rise, but movements remain limited to the following levels:
Resistance - 84.80
Support 74.83
UKOILThis is my opinion with technical analysis
Please respect the following rules:
1- Risk management .
2. Have your own strategy.
Short Oil at the top of rangeOil is trading in a range Long term its starting to look bullish but I feel we may retrace one more time to the support area.
My only concern is the amount of wicks on the weekly chart near the support.
I feel there may be some institutional accumulation of oil at that level.
will be looking for a buy entry when we return to the support level marked on the chart
Results of the OPEC+ MeetingThe OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary:
→ the organization (which currently consists of 13 countries) is looking for new members;
→ the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID;
→ nevertheless, the organization is positive about the demand for oil in the second half of 2023.
Judging by the fact that no sharp statements were made, OPEC members are satisfied with the current situation. The oil price chart shows that the level of 72.25 in June confirmed its support for the market. It may be based on the decisions of OPEC to reduce production volumes when prices fall to these levels.
It can be stated that the market has been in the consolidation stage for 2 months already. But with strong support from OPEC, the bulls may try to break through the current resistance level (1).
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