BRENT OIL BULLISHsome bullish hope for me in chart. if it go down to that support box i will open long but my sl is daily close under 68
UUU.S. DOLLAR / BRENT CRUDE OIL
65.83USDR
+0.14+0.21%
As of today at 03:37 GMT
USD
No trades
USDBRO trade ideas
Diagonal pattern ???Hello there!
I am a big fan of the Elliott Wave Principle, which is very interesting and useful for analyzing the market. I have developed my analytical approach by combining the principle with my personal experience and considering various scenarios that may occur in the market.
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To build your confidence in my analysis, I always share my previous analysis of the same market so that you can compare and see the progress. All the details of my analysis are clearly labeled, which should make it easy for you to understand.
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Oil long ideaI have been burnt trying to buy at higher levels so now we are here olny right I try again !!! There a a few things that are giving this set up a more higher probability, and hopefully we there is a push back up. Some fundamental events are also being taken into account when I was forming this idea.
Brent (ICE) may fall to 73.00 - 74.10Pivot
75.70
Our preference
Short positions below 75.70 with targets at 74.10 & 73.00 in extension.
Alternative scenario
Above 75.70 look for further upside with 76.70 & 77.60 as targets.
Comment
Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Supports and resistances
77.60
76.70
75.70
74.74 Last
74.10
73.00
72.00
Number of asterisks represents the strength of support and resistance levels.
Weekly Brent Crude Oil Price Prediction Update - W/C 20 Nov 2023Last Monday we posted our weekly price prediction for Brent Crude Oil.
The chart above is our analysis. You can see further analysis in our previous post.
Our price prediction for last week was between $78.00 (Min) and $87.50 (Max).
As you can see from the chart below our analysis proved true. The price stayed within the range. However, it followed the bearish indications more so than the bullish indications.
The price hit the blue line resistance levels and proceeded to go down. Following the resistance line and finding some support in the High Volume Node from the Fixed Range Volume Profile.
There are also fundamental factors at play here as well. OPEC+ delayed their meeting due on 26th November by four days due to conflicting opinions in the organisation, this is what also led to the price decline.
If you had shorted the stock once it hit the blue line resistance level it would have netted you around 3.30% ROI to the current price. Not bad for a week.
Brent oil prices are flat during early Wednesday tradingBrent oil prices are flat during early Wednesday trading after touching a multi-week low the previous day. Investors remain relatively unmoved by the potential impact that the additional voluntary production cuts agreed by the OPEC+ members will have on the market. Since the last day of November, the price of Brent has dropped more than 6%, showing that the markets’ concerns are tilted towards the demand side, as fears over an economic slowdown gain traction. The recent release of softer-than-expected economic data amplified this sentiment. Still, the downside has been limited by lingering fears of an escalation of the conflict between Israel and Hamas, which could end up disrupting the crucial Middle Eastern supply routes. Against this background, Brent oil prices are likely to continue to find resistance around the 80-dollar level.
Ricardo Evangelista – Senior Analyst, ActivTrades
Brent oil prices hedged up slightly during early Tuesday tradingBrent oil prices hedged up slightly during early Tuesday trading but remain close to the two-week low touched during the previous session. Prices declined on Monday as traders questioned the impact of the additional voluntary production cuts announced by OPEC+ for 2024. With economic activity falling in China and the American economy showing signs of slowing down, the focus of the markets lies on the demand side, with the perspective of a reduction in supply so far failing to lift prices. Still, the downside was capped by simmering tension in the Middle East, with the conflict between Israel and Hamas threatening to escalate following a string of attacks on cargo ships crossing the strategic oil route of the Red Sea.
Ricardo Evangelista – Senior Analyst, ActivTrades
DeGRAM | UKOIL channel breakingUKOIL broke the ascending channel, and the price is pulling back to it.
The oil market is probably printing an AB=CD pattern.
We anticipate a continuation of the bearish trend. Breakout, pullback, and continuation
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Brent oil prices stabilised during early Friday trading Brent oil prices stabilised during early Friday trading after Thursday’s wild oscillations, which ended up with a daily drop of more than 2.6%. Earlier in the week, investors had been anticipating the agreement amongst OPEC+ countries to reduce output in a dynamic that offered support to the price of the barrel. However, yesterday’s announcement of additional voluntary cuts in oil production, in the order of 900,000 barrels per day, was seen by many as insufficient. With economic activity expected to slow down globally over the next few months and demand expected to fall, yesterday’s production cuts disappointed those who anticipated a more decisive stance from the cartel. Against this background, the risk for oil prices is now tilted to the downside, with the $80 support level likely to be challenged.
Ricardo Evangelista – Senior Analyst, ActivTrades
BCOUSD#Brent Crude Oil - H1
📣 Considering the chart structure on the 1-hour timeframe, in the event of a breakout above the upper boundary of the consolidation pattern in the range of 82.20, one can consider initiating a buy with a target of 85.40.
⛔ Stop-Loss: 81.10
On the other hand, in the case of a breakdown below the 81.10 range, there is an expectation of a price decline towards the 80.00 range.
⛔ Stop-Loss: 82.20
Today OPEC+ May Announce New Oil Production CutsAccording to WSJ, the reduction could be 1 million barrels per day. Saudi Arabia is in favour of cuts, but the idea causes disagreements among other members of the organisation.
In anticipation of news about the OPEC+ decision, the price of oil is rising - this indicates that market participants assess the possibility of new production cuts as quite real, even if we are not talking about 1 million barrels per day. The price is approaching its maximum for November.
The Brent oil price chart shows that:
→ the level of 80 dollars per barrel acts as support. In the twenties, the price dropped to the level more than once, but each time the bulls found the strength to recover;
→ rising lows A-B-C indicate the predominance of demand around the mentioned psychological level;
→ the price has been within the descending channel (shown in red) for more than a month, but is trying to consolidate above the median line. This is another sign of the bulls' persistence.
However, it should be recognized that the current bullish sentiment could easily change if OPEC+ fails to reach a consensus on significant restrictions on oil production aimed at supporting commodity prices.
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OPEC+ meeting incomingInitially postponed due to member disagreements, the OPEC+ meeting is now set for Thursday. Discussions are poised to delve into the consideration of deeper oil production cuts. Analysts foresee the potential extension or intensification of supply reductions into the coming year to stabilise oil prices, which currently hover around $80 a barrel. While the possibility of a collective reduction in output exists, specific details remain undisclosed.
The delay stemmed from disagreements over output levels for African producers. However, indications suggest a closer approach to reaching a compromise. The meeting's agenda features discussions by an advisory panel followed by a session with OPEC+ ministers. Notably, members such as Saudi Arabia and Russia previously committed to significant oil output cuts. Current discussions revolve around the continuation of these reductions, including Saudi's voluntary production cut and Russia's export reduction, both set to expire by year-end.
The likelihood of further oil cuts appears imminent, prompting us to refrain from offering a price prediction. However, I foresee a potential market shift—possibly a 1-2% increase if oil cuts are announced or a corresponding decrease in production sees an increase instead. My belief leans towards the former scenario. Nonetheless, any price hike might be short-lived as Saudi Arabia and Russia's production cuts are set to expire by year-end.
Henceforth, it pays to pay attention to this meeting and see what the fine details are.
