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Crude Oil Brent

USOIL nears $70 per barrel The price of USOIL is edging toward $70 per barrel, which is our price target for 2024. However, it is becoming increasingly possible that we will see this price taken out even by the end of the current year. With that said, we want to raise another price target for the next year, valued at $65 per barrel. Illustration 1.01 The monthly graph above shows the U.S. crude oil production. From the start of 2023 until September 2023, U.S. crude oil production rose by more than 770,000 barrels per day, which amounts to about 6.2% (since last year’s highs, the production is up more than 13.5%). Illustration 1.02 Illustration 1.02 depicts the monthly chart of the U.S. total rig count. Interestingly, since September 2023, the total rig count stopped declining. Technical analysis Daily time frame = Bearish Weekly time frame = Slightly bearish 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 be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.
TVC:USOILShort
by Tradersweekly
8
CRUDE OIL (WTI) Bearish Trend Continues 🛢️ Crude oil is trading in a bearish trend on a daily. After a long-lasting consolidation within a horizontal range, the market violated its support on a daily and set a new lower low. Retesting the broken structure, the market started to coil within an intraday range. Its support breakout gives us a strong intraday confirmation. A bearish movement is now expected at least to 70.7 ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
3
CRUDE OIL (WTI): Consolidation & Complete Indecision 🛢️ WTI Crude Oil is consolidating within a range on a daily since the beginning of November. Depending on the reaction of the price to its boundaries, I see 2 potential scenarios. Bullish Scenario If the price breaks and closes above 80.85 - the upper boundary of the range, I will anticipate a growth to 82.50. Bearish Scenario In case of a breakout of 72.20 support, we may anticipate a bearish movement to 87.35 level. Wait for a breakout, that will give you a strong bullish or bearish confirmation. ❤️Please, support my work with like, thank you!❤️
TVC:USOILShort
by VasilyTrader
1
Crude Oil Futures ~ November TA V2 (4H Intraday)NYMEX:CL1! chart mapping/analysis. Note: TradingView chart B-ADJ adjusted for contract changes. What's on the chart: Converging parallel channels (light blue) aka diamond box pattern, framing price action into a pennant formation on higher timeframe. Descending parallel channel (white) emphasizing current downward trend since late September peak. Fibonnaci levels highlight key support/resistance zones. Short-medium term outlook: Sharp reversal (short-squeeze?) from over-selling after breaking out lower range of parallel channel (white). Bullish reversal = rally back above 50% Fib. Bearish continuation = further selling below previous low towards 78.6% Fib / lower range of parallel channel (light blue) confluence zone. Watch for commodity trading trend/sentiment in either direction - leading into upcoming OPEC+ decision re: 2024 supply cuts, TBC.
NYMEX:CL1!
by BlueHatInvestor
UKOIL potential downtrendThere is a possibility that the UKOIL, a trading instrument representing the price of crude oil in the United Kingdom, might experience a downward trend. The recommended take-profit (TP) level is at 77.2, while the suggested stop-loss (SL) level stands at 84.25. However, it's crucial to emphasize that engaging in any financial trading activity carries inherent risks. The TP and SL levels provided are merely speculative and based on an analytical idea or forecast. The volatility and unpredictability of the commodities market, especially concerning oil prices, are influenced by multifaceted factors such as geopolitical tensions, global demand-supply dynamics, economic indicators, geopolitical events, and unforeseen natural disasters, among others. This inherently complex and dynamic nature of the market renders any predictions subject to change or deviation. Investors and traders should conduct thorough research, employ risk management strategies, and exercise caution when making financial decisions. It's advisable to consider various sources of information, consult with financial advisors or experts, and assess one's risk tolerance and financial objectives before executing any trade based on speculative forecasts or trading ideas. Moreover, the terms TP and SL denote the take-profit and stop-loss levels, respectively, indicating the targeted price at which a trader aims to close a position to secure profits or limit potential losses. These levels serve as guiding markers, aiding traders in managing their risk exposure and ensuring disciplined trading practices. Nevertheless, it's essential to remain vigilant and adaptable in response to market fluctuations and unexpected developments that might impact the price movements of UKOIL. In conclusion, the forecast suggesting a potential downward movement in UKOIL with specified TP and SL levels should be regarded as a trading idea rather than a definitive prediction. Engaging in financial markets demands informed decision-making, risk awareness, and a comprehensive understanding of the intricate dynamics driving commodity prices. Traders are encouraged to exercise prudence, stay updated with market trends, and use analytical tools while acknowledging the inherent uncertainties associated with trading.
TVC:UKOILShort
by ArminMah
TradePlus-Fx|USDCAD: two goals💬 Description: The key price movements happen around the level of 1.38271 for the USDCAD currency pair. A particularly important point for traders trading on a breakout. Now the instrument has accumulated enough strength, and there is also all the technical base for a comfortable entry into a long position. The next two days will accumulate important data from the United States , against the background of which the currency pair will most likely grow. Here we identify two goals for ourselves, locating the second goal at the level of 1.39775. We cannot rule out manipulations of various kinds, such as a false breakout, and must be prepared for another entry attempt. 🔔 FX CALENDAR TODAY 🔔 🛢IEA Monthly Report 🇩🇪ZEW Economic Sentiment 🇪🇺ZEW Economic Sentiment 🇪🇺GDP 🇺🇸CPI 🛢API Weekly Crude Oil Stock ➖➖➖➖➖➖➖ 🚀Thank for your BOOSTS 🚀 👇Share your views and FOLLOW US 👇
Long
by TradePlus-Fx
33