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Crude Oil Brent

#Brent crude - an important inflection areaThis analysis is done on a monthly chart so this could still consolidate and take some time to play out but just a few interesting points to note: (1) the 200 month moving average (green line) has acted as a support and resistance level for the price of brent crude for the last decade and a bit (looks to be supporting price action currently) (2) the 61.8 fib from the extreme April '20 lows and March '22 highs come in at around $77.60 where the market recently bounced from (3) resistance monthly highs in October '18 and October '21 seem to be now acting as support (change of polarity). (4) RSI 50 level holding on the RSI (5) Price candle action (wicks) on the monthly chart over the last quarter shows that the bulls are ready to buy into any weakness during the month (6) Not shown on the chart but if you look at the daily chart we are forming a flat top triangle which usually breaks to the upside which also has a target at roughly $100 Given the significance of this consolidation zone between 77 and 84 leads to a high probability that OIL will once again move higher after this consolidation phase is complete. Thus on a medium term view I would use any weakness in Brent crude to accumulate a position for higher levels with a medium target around the $100 mark If you look at seasonality data for Crude oil futures in the past, you can see it enjoys a favourable period from the end of February to around end of September. www.equityclock.com
FX_IDC:USDBROLong
by MarcoOlevano
A close Above 76.71 Likely To Drive CrudeOil Price To Test 80!Oil price now in corrective mode on H4 and price is attempting to break out of this descending trendline. A close above 76.71 will confirm the breakout with crude oil price targeting 80. Also last week's indecision in the market may likely cause bullish run for oil IF this week candle ends in a strong bull above last week's high, else price continue its downward movement... N.B! - USOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast. - Let emotions and sentiments work for you - ALWAYS Use Proper Risk Management In Your Trades #usoil #crudeoil #wti #brentoil
TVC:USOIL
by BullBearMkt
2
BCOUSD Potential for Bearish Drop | 20th February 2023Looking at the H4 chart, my overall bias for BCOUSD is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. Looking for a pullback sell entry at 8392.4, where the 38.2% Fibonacci line and overlap resistance is. Stop loss will be at 8673.5, where the recent swing high is. Take profit will be at 7902.9, where the previous swing low is. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
FOREXCOM:UKOILShort
by FXCM
The Oil WarOil is strictly tied to dollar price (petrodollar). World investors/consumers are under tremendous pressure, with absolute oil price exploding, coupled with an explosive dollar. They have to pay the cost for both... US investors enjoy a very competitive oil price (compared to treasuries). This year an investment in USOIL was very negatively performing compared to treasuries. Do note that there is a discrepancy between consumer oil (USOIL) and investment oil (USOIL/modified-yields). Rate hikes are not for inflation, they are for economic war advantage. During a war period, and in a deglobalized world, you need substantial purchasing power to import, and selectively export goods. Tread lightly, for this is hallowed ground. -Father Grigori
NYMEX:CL2!
by akikostas
2
UKOIL H4 20% CORRECTION setup SHORT/HOLD(NEW)(SL/TP)Why get subbed to me on Tradingview? -TOP author on TradingView -2500+ ideas published -15+ years experience in markets -Professional chart break downs -Supply/Demand Zones -TD9 counts / combo review -Key S/R levels -No junk on my charts -Frequent updates -Covering FX/crypto/US stocks -before/after analysis -24/7 uptime so constant updates 🎁Please hit the like button and 🎁Leave a comment to support our team! UKOIL H4 20% CORRECTION setup SHORT/HOLD(NEW)(SL/TP) IMPORTANT NOTE: speculative setup. do your own due dill. use STOP LOSS. don't overleverage. 🔸 Summary and potential trade setup ::: UKOIL H4 chart review ::: chart is LOG SCALE ::: setup still valid expecting ::: 20% gains final TP BEARS ::: continuation setup strong DOWNTREND ::: NOTEWORTHY compression Rising Wedge ::: expecting a STOP RUN near 89 USD/bbl ::: cycle low for oil market at 60 USD/ bbl ::: BEARS maintain strategic control ::: 89.50 BEARS get ready to SHORT/HOLD ::: from overhead resistance / 3 drives ::: BEAR CYCLE not over yet ::: DO NOT BUY yet into BEAR MARKET ::: lower highs 96.50 // 91.50 // 89.50 ::: SHORT rips/rallies and get paid ::: 20% gains conservative TP BEARS ::: WAIT for rips/rallies and SHORT IT ::: recommend to SHORT/HOLD ::: SWING trade setup do not expect ::: fast/miracle overnights gains here ::: good luck traders 🔸 Supply/Demand Zones ::: N/A fresh demand zone ::: N/A fresh supply zone 🔸 Other noteworthy technicals/fundies ::: TD9 /Combo update: N/A ::: Sentiment short-term: BULLS / MORE GAINS ::: Sentiment outlook mid-term: BEARS / SUPER CYCLE RISK DISCLAIMER: Trading Crypto, Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
TVC:UKOILShort
by ProjectSyndicate
28