Losing trade with Brent oil.Yesterday's deal to sell Brent oil unfortunately turned out to be unprofitable. Closed manually. I think quotes can go up to 85 and in some circumstances it can be even higher.
XBRUSD trade ideas
The Price of Brent Oil Reaches the Level of ResistanceSince the beginning of the month, the price of Brent crude oil has risen by about 10% — this July could be the best month since June 2022. Yesterday, the price of Brent exceeded USD 82, for the first time since April.
Among the drivers of oil price growth may be:
→ production cuts by Saudi Arabia;
→ restriction of export from the Russian Federation;
→ expectations of new measures to stimulate the Chinese economy;
→ summer growth in demand for gasoline and aviation fuel in the US.
However, technical analysis tools give arguments to suggest that the July rally may slow down, as:
→ the price of Brent oil on the daily chart has reached the moving average with a period of 100, which may attract traders to open short positions;
→ the price of Brent oil has reached the upper limit of the channel (shown in red).
The effect of these two factors of resistance may appear as early as tomorrow at 17:30 GMT+3, when the weekly data on oil inventories in the US will be published.
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.
Oil Ping PongNo trading advice here, I am just presenting a bold and daring unconventional method.
Looking for Heiken Ashi reversals at the shapes, or continuation in case of indecision, consolidation, rebounds etc. Follow the Heiken Ashi Candles for entry points. After a green wave, a red candle might appear at a shape, or the other way around. Position should be managed with stop loss trailing the highs or the lows of the Heiken Ashi candles.
This is a swing trading approach that can be better suited with a hedging account, in case an opposite signal arises and the initial position hasn't stopped out yet. This way the initial position rides the wave for as long as it takes.
If this sounds too crazy to trade on, you can look at it as an experiment, just like my other ideas with unconventional shapes, where interesting coincidences and rebounds have happened where the price met the drawings.
Sold oil at 80.50In my opinion, the growth of Brent quotes was not supported by large players, as a result of which the quotes began to roll down a slope. Sold at around 80.50. A little later we will see what came of it.
Brent on 4HIchimoku is God!
Also, the two-hour candles convinced me that this purchase is happening
Waite Until...
Brent DailyLook at Brent in the daily time frame. We can save profit in all the orange lines on the chart.
Wait until the result
DeGRAM | UKOIL anticipation the continuation of trendUKOIL broke above the psychological level at 80.000. The market is making higher high and higher close.
The market is trading in the ascending channel, indicating the bulls are in control.
We anticipate the continuation of this current trend.
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Share your opinion in the comments and support the idea with like. Thanks for your support!
Brent - a brief overview.I think it will be difficult for oil quotes to stay above $80. At the same time, it will be necessary to pay attention to the mood of the participants - whether they will dare to sell below 80 today - at the end of the week.
Brent - technical levels.Brent oil has approached resistance 81. If we manage to pass this mark and gain a foothold above it, then the next obstacle will be level 85.
POTENTIAL SHORT TRADE SET UP FOR UK OILAsset: UK OIL
Analysis: Chart Patterns + Highs & Lows + Impulses & Corrections
Directional Bias: Short
Entry: Continuation Corrective Structure after the breakout.
⚠️ Do your research and apply proper risk management as nothing is guaranteed in forex trading. As we have often said, this is a high risk venture and past performance is not indicative of future results. Trade Responsibly!
#TheTradingAmbience 🙏🏽🙇🏽♀️
Oil Indicates Bearish Trend as EMA 50 Crosses Fibonacci .618Recent technical analysis has revealed a bearish signal as the Exponential Moving Average (EMA) 50 has crossed the Fibonacci .618 level, indicating a potential downward trend in oil prices.
Technical indicators serve as valuable tools to assess market movements and make informed investment decisions. The EMA 50, in particular, is widely recognized for its ability to provide insights into medium-term trends. When it intersects with significant Fibonacci levels, such as .618, it often signals a shift in market sentiment.
Given the current scenario, it is crucial to exercise prudence and consider the implications of this signal. While it does not guarantee a definitive outcome, it is a noteworthy indication that suggests a potential downward pressure on oil prices. Consequently, we should reevaluate our investment strategies and exercise caution before making further commitments in the oil market.
Given this information, I encourage you to hold on to your existing oil positions and refrain from further investing until we witness more precise market signals. It is essential to closely monitor the market and observe the subsequent price action to understand the potential trend direction better.
As always, it is essential to remember that market conditions can change rapidly, and it is crucial to remain vigilant and adaptable. I recommend staying updated with the latest market news and conducting thorough research before making investment decisions.
Please comment with me if you have any questions or require further clarification. I am here to assist you and provide additional insights to help you navigate these uncertain times.
Brent to 83 this weekDay 46/100
- Clear break of 78-72 range
- Retested 78 as support
- Expecting more upside into 83 at least by this week
Implications on FX
- While CAD may be dragged down by USD underperformance, OIL may give it some boost as we expect upside momentum to resume briefly
Strifor || UKOIL-07/19/2023Preferred direction: BUY
Comment: The medium-term and long-term picture of oil looks most likely in favor of the seller. To be completely sure of sales, it is necessary to wait for the price to close below the level of 77.39. The short-term picture is quite unusual, and most likely today-tomorrow will be in favor of the buyer. The level of 80.59 suggests itself for a test, and perhaps further buyers will be able to reach the local maximum at the level of 81.7.
Thank you for like and share your views!
Sell ukoil m30What can be seen from the oil chart is a price range of $78, which can serve as a short-term target for selling oil within a 30-minute timeframe. It offers a favorable risk-to-reward ratio, and with proper capital management, one can proceed with selling.
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.
