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Brent: dollar would force correctionThe oil is supported by reports that Saudi Arabia lowered its November export oil prices for Asia, the Mediterranean countries, Europe and the United States. Also, a positive factor for the oil market in recent days was the decision of the OPEC + states to maintain the previously adopted plan to increase oil production, despite the growth in demand amid a sharp rise in the cost of natural gas. In accordance with this plan, OPEC + countries will increase oil production in November by 400 thousand barrels per day. Meanwhile, data from the American Petroleum Institute (API) indicated an increase in US oil inventories by 951 thousand barrels for the week ended October 1, while analysts predicted an average rise of 4.127 million barrels. Further oil situation will directly depend on the dynamics of the US dollar. The oil itself, most likely, needs a correction, and if the dollar is not weak, this is possible. Proposed deal for this tool: Entry Point - 82.59 (SELL-Limit) Stop Loss - 83.45 Take Profit - 81.73
SKILLING:XBRUSDShort
by TradePlus-Fx
Brent: forecast for Sept 27 - Oct 1There was no negative news for the oil market following the September Fed meeting. Interest rates and asset purchases remained unchanged, although the rhetoric continued to escalate. In particular, the Fed announced its readiness to make a decision to start cutting the asset purchase program at the next meeting. Additionally, an increase in expectations for the level of the base rate in 2022-2023 was announced. Consequently, buying priority remains, but at the moment it is risky to get into a long position. The price would be corrected. From the very beginning of the week, the instrument may start its downtrend movement. It will be much more conservative to wait for oil to approach the resistance line of the ascending channel and try to sell around the level of ~ 78. Buying mood for gas and coal, as well as the expected deficit in the oil market by the end of the month, would continue to support oil prices. The trading instrument, taking into account the expected correction, would remain above $ 75 per barrel.
FXOPEN:XBRUSDShort
by TradePlus-Fx
1
A bit more patience for an awesome short XTIUSD (WTI crude)As you can see from my weekly chart, price is within a multi-year S/R zone. The daily chart shows repeated attempts to break above the zone since end of June, but failing each time. IMO, we are witnessing another effort by the bulls and we will likely see them fail again. I will be looking for a daily close below the zone, it will also be important to see this happen with some momentum, large bearish candles, more wicks to the upside…. all will support my bearish view. If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications. Always use sound money and risk management in all your trades.
FXOPEN:XTIUSDShort
by Trading_Vista
Good time to short XTIUSD (WTI crude) 06 Sep, 2021As you can see from my daily chart, after reaching a high in early July, this pair is forming a sequence of lower highs/lower lows. The recent high of 76.53 is actually a double top (scroll back to 30 Sep 2018). After bouncing off the support at 61.700, we had a pullback to 70.500. This level (area) acted as minor support/resistance during the past few months. This pullback to a previous significant level is encouraging to me – it shows a structure in the price action. In my opinion, we could be seeing the start of a bearish trend and would be ready to take a short either at current levels or better still a small pullback to 70.500. Either way, we have a good R/R whether we target the 61.700 or 53.920 region. It is important to limit the loss in case this analysis is wrong, my stop will probably be located at 72.100 area. If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications. Always use sound money and risk management in all your trades.
XShort
by Trading_Vista
#US OIL approaching Resistance Area , the potential for a Drop!Description US OIL Price is trading the Resistance Area and it is also reacting to the 1HR resistance so it is possible to drop the buying area is 71.262 and we will put the stop-loss above the resistance level of 72.502 Why we like it: Price Trading in the Resistance area Formed Evening star candlestick pattern Attend the 100% fib level 1st support: 70.476 Next Zone area & horizontal swing Low support 2nd Resistance: 69.163 Zone area & horizontal swing Low support Trading FX & CFDs carries high risk.
XShort
by Skandhatrade