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Brentoil

BCOUSD : Bullish Momentum Signals Potential Surge to $104-$124 Brent Crude Oil charting its potential trajectory amidst current market dynamics. Through a meticulous examination of technical indicators and chart patterns, a compelling case emerges for an imminent bullish surge within the $104-$124 range. Based on the comprehensive analysis of these factors, it is anticipated that Brent Crude Oil to embark on a significant upward trajectory, targeting a price range between $104 and $124. This projection aligns with the prevailing bullish momentum and anticipated price appreciation.
OANDA:BCOUSDLong
by madhusudhan_arjun
Dual breakdown in Brent !!!After huge rally it seems that UKOIL which was stuck in range where distribution took place, can break the range down. This rally was indicated by me when Brent was 94, have a look: But, now it looks like the rally is over and it could start stepping down. Also, it has given a breakdown from head & shoulder pattern and along with this UKOIL has also broke the previous trendline support. A closing below 97 can bring a steep fall in Brent but aggressive traders can initiate short here also.
TVC:UKOILShort
by Chaser30
Monthly rising channel favors Brent oil buyers despite inactionBrent oil prices grind higher around late March tops, staying above 10-DMA inside a monthly bullish channel formation. Given the firmer RSI backing the black gold’s gradual north-run, the quote is likely to overcome the immediate hurdle, namely the late March swing high around $124.40. However, the stated channel’s upper line near $127.50, which if ignored could propel the energy benchmark towards the yearly high marked in March at around $140.50. During the run-up, then likely overbought RSI may interrupt the upside momentum around $130.00 and the $135.00 intermediate halts. Meanwhile, pullback moves may remain elusive until staying beyond the 10-DMA level surrounding $119.60. Following that, the support line of the bullish channel, close to $117.00 by the press time, will be crucial to watch. In a case where Brent oil sellers manage to conquer the $117.00 support and reject the bullish formation, there are multiple supports around $115.50 and $115.000 before directing the quote towards May’s low near $101.90. Overall, oil prices remain firmer inside a bullish chart pattern and are likely to rise further. However, the upside momentum will be shaky and hence needs the trader’s discretion.
VELOCITY:BRENT
by MTradingGlobal
Brent oil prices battle seven-month-old resistance, Russia eyedAmid escalating tensions concerning the Russian invasion of Ukraine, crude oil prices rally to a multi-month high. However, overbought RSI conditions recently triggered the quote’s pullback near an upward sloping trend line from July 2021. That said, a six-week-old support line near $92.00 precedes the 21-DMA surrounding the $90.00 psychological magnet restricts short-term declines of the black gold. Also putting a floor under the energy prices is the October 2021 peak near $86.70, a break of which will recall short-term Brent oil sellers. Meanwhile, the aforementioned resistance line near $96.00 precedes the $100.00 threshold to challenge Brent oil bulls. Should the quote remains firmer past $100.00, lows marked during November 2013 and April 2014, respectively around $103 and $104.00 should flash on the buyer’s radar. It’s worth noting that the commodity’s upside past $104.00 will be hindered by multiple resistances marked during July 2014 near $108-109. Overall, geopolitical risks keep energy prices higher but the key resistance line triggered recent profit-booking.
TVC:UKOIL
by MTradingGlobal
Brent oil stays softer ahead of OPEC+ JTC, US ISM PMIBrent oil sees further downside after confirming short-term rising wedge bearish chart pattern the last week. However, oil traders turn cautious ahead of today’s OPEC+ JTC meeting and monthly print of the US ISM Manufacturing PMI. That said, a five-week-old horizontal area and 200-SMA, respectively around $77.20-76.80 and $76.25, restrict the immediate downside of the commodity ahead of today’s key events. In a case where the UK oil benchmark drops below $76.25, the mid-December swing low of $72.85 will be in focus. Alternatively, recovery moves remain elusive below the recent tops surrounding the $80.00 psychological magnet. Following that, oil buyers can quickly rush towards the late November’s top surrounding $82.80-85 and then to the November 10 peak of $86.00 should return to the chart. However, a clear run-up beyond the $82.85 won’t hesitate to cross the 2021 high surrounding $86.70. To sum up, Brent oil sellers have firmer grips on the prices ahead of the key events that might turn out as a challenge for bears.
TVC:UKOIL
by MTradingGlobal
5
Brent oil eyes OPEC+ verdict within 200-DMA, key support envelopWith the 200-DMA restricting the Brent oil’s rebound from an ascending support line from March, energy traders stay bearish ahead of the key OPEC+ decision. Although the cartel is more likely to stay on their previously decided path to ease supply-cut norms, the latest Omicron woes raise possibilities of a wild card move, considering the West versus Middle East tussles. Even so, the black gold needs a clear break below the stated support line of $68.15, also conquer the $68.00 threshold, to dominate further and eye September’s low near $65.10. Following that, multiple supports can test the bears around $62.00, a break of which will highlight the $60.00 round figure for the sellers. Meanwhile, a successful upside break of the 200-DMA level of $73.10 will aim for the tops marked during late July and mid-September, around $76.50-60. Following that, $78.00 and the $80.00 may entertain UK oil buyers. Adding to the upside filters is the descending trend line from November 10, near $81.20. Overall, oil has further room to the south but it all depends upon OPEC+.
TVC:UKOIL
by MTradingGlobal
Technical Analysis: Brent oil fades bounce off 100-day EMAAlthough supply crunch talks trigger Brent oil’s bounce off a two-month low the previous day, the black gold remains pressured towards re-testing the 100-day EMA level amid US push for more output and fresh covid woes from Eurozone. It should be noted, however, that the quote’s weakness past $77.85, comprising the stated EMA, won’t hesitate to challenge the 50% Fibonacci retracement level of August-October upside near $76.00. In a case where the oil sellers keep reins past $76.00, the $73.40 mark comprising the 61.8% Fibonacci retracement will be in focus. Meanwhile, corrective pullback needs to cross a two-week-old resistance line close to $80.35 to convince the British oil buyers. Also challenging the Brent oil bulls are the levels marked during early November and the monthly high, respectively around $80.85 and $86.00. During the quote’s run-up past $86.00, the multi-month peak marked in October surrounding $86.70 and the $87.00 may offer an intermediate halt during the rally targeting the $90.00 threshold.
TVC:UKOILShort
by MTradingGlobal
Brent oil bears can reap 4.75% gains on $84.00 breakdownA two-month-old support line break joins the failures to keep rebound from 20-DMA to favor Brent oil sellers. However, a clear downside break of the $84.00, comprising the immediate moving average support, becomes necessary. Following that, a fall towards $80.00 becomes imminent. Should the oil sellers keep reins past $80.00, the mid-September high near $76.40 will be in focus. Given the latest risk-off environment and the easing tension around energy shortage, oil is likely to consolidate the latest gains from the multi-month high. Alternatively, fresh upside needs to regain beyond the previous support line, around $86.15 to aim for the latest high, also the highest since October 2018, near $86.70. It should be noted, however, a daily closing beyond $86.70 will challenge June 2012 low near $88.50. Given the RSI conditions near the overbought area, the upside momentum may witness intermediate pullback even after crossing the key hurdles to the multi-month highs.
TVC:UKOILShort
by MTradingGlobal
Brent Oil Future - Very Smokey ! 90 soon ?Yea yea, I know Oil is most manipulated commodity on the planet. But amidst the super consolidation worldwide, the most suppressed commodity is oil, and the hurricane supply chain destruction will annihilate the supply. We should see sharp rise in Brent Oil futures in coming days. It’s inevitable. I have given a range of targets from moderate to aggressive. In any version, Oil is touching sky. This is just a chart pattern discussion. Please trade your hard-earned money on advice of a registered stock market expert. I am a newbie trader :)
TVC:UKOILLong
by DoublebassmaniawithPranav
4
Brent oil pierces 10-week-old resistance to regain $74.00Brent oil prices jump to a one-week top while crossing a downward sloping trend line from July 06. In addition to the trend line breakout, the bullish MACD signals also favor the oil buyers targeting late July tops near $76.50. However, overbought RSI conditions challenge the quote’s upside momentum, if not then the yearly peak of $77.90, marked in July, will be the key. It’s worth noting that the market’s risk-on mood amid vaccine hopes and improving Sino-American relations join the price revisions by the Middle East countries to recently favoring oil bulls. Though, Fed tapering concerns and virus woes challenge the upside momentum. It’s worth noting that the US Consumer Price Index (CPI) and Retail Sales for August become the key events of the week. Given the recently upbeat US fundamentals backing the Fed’s recalling of the easy-money, any further upside by the Brent oil needs a strong boost, failing to do so can pull the quote back to the $71.65 support confluence including 200-SMA and 50% Fibonacci retracement level of July-August downside. In a case where oil prices drop below $71.65, the $70.00 psychological magnet and early August lows near $68.15 should return to the chart.
TVC:UKOILLong
by MTradingGlobal