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Crude Oil Brent

UKOIL, H4 Potential for Bullish MomentumWith price expected to bounce off our entry which lines up with the 38.2% Fibonacci retracement and ichimoku cloud support, we have a bullish bias that price will rise to our take profit area of 123.6 in line with the 61.8% Fibonacci retracement. Alternatively, price may break structure and drop to the stop loss at 112.71 in line with the horizontal swing low support and 61.8% Fibonacci retracement. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
TVC:UKOILLong
by VantageMarkets
UKOIL H4 Potential Bounce | 3rd May 2022With price in an uptrend and abiding to our ascending channel, we have bullish bias that price will rise to our take profit area of 123.54 in line with the 61.8% Fibonacci projection and horizontal swing high resistance from our entry of 116.81 where the horizontal swing low support and 23.6% Fibonacci retracement is. Alternatively, price may hit stop loss at 113.35 in line with the horizontal swing low support. Our bullish bias is further supported by how price is moving above the ichimoku cloud. Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
TVC:UKOILLong
by VantageMarkets
WTI oil - The uptrend in oil continues to peakExactly one month ago, we stated that the Russian oil ban would lead to an uptick in oil prices. Since then, the European Union has started to take measures concerning its oil dependence on Russia. Meanwhile, WTI oil has risen from 106 USD up to 114 USD, where it trades currently. Despite being bullish in the short-term and medium-term, we also stated (in our previous posts) that we expected the bull market in oil to peak; in addition to that, we set and maintained our long-term price target for USOIL at 90 USD. That also applies today, and we still keep this target. Fundamental factors Our bearish view is based upon several fundamental factors. Among these is the prospect of higher output by the OPEC in the second half of 2022 and the global need for lower oil prices. We expect the U.S. to put pressure on OPEC; there is already a rumor Joe Biden is supposed to ask Saudi Arabia to lower its output. Another fact we consider is that despite the Russian oil ban, new highs were not reached by USOIL. Illustration 1.01 USOIL appears in the downward sloping channel. The breakout above it will suggest more bulishness in the short term. The channel is Technical analysis - daily time frame RSI and Stochastic are bearish. The same applies to MACD; however, it remains in the bullish territory. DM+ and DM- are also bullish. Overall, the daily time frame is bullish; however, certain technical and fundamental developments raise caution. Illustration 1.02 The picture above shows simple support/resistance levels. Technical analysis - weekly time frame RSI, MACD, Stochastic, DM+, and DM- remain bullish. Overall, the weekly time frame is bullish. Please feel free to express your ideas and thoughts in the comment section. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
12
Brent Oil - Mid Term Roller CoasterIt is near impossible to following all the developments in the geopolitics and try to forecast the price of Oil but what does technical analysis suggest? Technical Analysis (Elliott Waves): Since the sharp fall of March 2020 it is likely that we are observing the development of a zig-zag ABC Five waves of the first impulse A completed in July 2021 Wave B took shape of a complex Running Correction WXY finishing in November 2021 And since then we can see formation of another impulse in wave C Waves 1 to 3 of this impulse culminating in March 2022 are quite clear which have been followed by a contracting triangle The crux of the analysis is developing right now when the price started moving in a very choppy way There are two alternatives in this scenario - (1) wave 4 of C has not completed yet, but then it becomes too lengthy and disproportional to the whole wave, (2) wave 5 is created by an Ending Diagonal with 3-3-3-3-3 structure The preferred scenario is the latter where waves 1-3 have formed and we can expect correction of wave 4 to last at least until end of June, followed by the last zigzag to top the high of $138 This is quite complex scenario so it needs to be monitored against all the rules of Ending Diagonal which can also find the Educational post below. What do you think about Brent Oil and its short term prospects? Also let me know if you would like to see other stocks, indices, Forex or Crypto analysed using Elliott Waves. Thanks Educational post on Ending Diagonal
TVC:UKOILLong
by vitalalyt
5
Brent: GlueyBrent is currently glued to the resistance at $114.74, where it has finished wave b in blue. However, we expect it to let go of this mark soon to fall into the turquoise zone between $101.67 and $99.83. There, it should complete wave a in turquoise and move back above $104.67 afterwards to finish wave b in turquoise. After that is settled, Brent should gradually fall below the support lines at $104.67, $97.56 and $93.57. There is a 40% chance, though, that Brent could climb above $114.74 and make a detour through the green zone between $117.78 and $133.52 first before moving downwards.
TVC:UKOIL
by MarketIntel
2
UKOIL: outlook leans for a bearish reversalOn the daily frame Previous price congestion axis at 107.20 forms a stronger support than expected for UKOIL oil moves and brings prices back to retest the $114 resistance We notice the gradual decline in the size of the candles, and this is a technical indication of the weakness of the rise The momentum is balanced on RSI and its decline below the 50 line supports the bearish rebound UK Oil: The outlook leans for a bearish reversal Monitor levels 116.65 114.00 110.00 107.20
TVC:UKOIL
by Walid_Aboeldahab