Brent Oil Nearing SupportBrent Crude (UK Oil) at its support zone of around 73.3-73.80. Will it hold?
BRENTOIL trade ideas
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.
Brent oil bears set to retake controls, 61.8% Fibo. eyedBrent oil fades bounce off 61.8% Fibonacci retracement (Fibo.) level of September-October upside, drops back below 200-SMA amid bearish MACD signals during early Friday. The UK benchmark for oil currently eyes 50% Fibo. level of $81.55 on the way to retest the early November trough surrounding $80.80. However, any further downside will be challenged by oversold RSI conditions and the $80.00 round figure.
On the contrary, 200-SMA guards immediate upside around $83.50, a break of which will direct the oil prices towards the monthly peak of $86.00. In a case where the Brent bulls refrain to pause around $86.00, October’s high near $87.00 and June 2012 low near $88.50 should gain the market’s attention. To sum up, Brent oil prices are set for a corrective pullback but the overall bulls trend remains intact.
Short opportunity in uk oilShort opportunity in uk oil@85.85 ,sl@86.8 for a target @83.7. Disclaimer: we are not registered adviser.charts and views are for educational purposes only.
crude looks week.on weekly chart
crude is making lower lows and lower highs.
now with resistance of 86 $ i may fall back .
-- RSI is also showing -ve divergence.
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.
crude oil major breakout on monthly candle chartTVC:UKOIL crude oil chart has shown major breakout on monthly chart which represent long term bullishness in crude oil.
Brent oil bears need $78.00 breakdown to retake controlsBrent oil prices consolidate the heaviest daily loss since late August, not to forget reversal from November 2014 levels, while picking up bids to $81.70 during early Thursday. The oil benchmark refreshed the multi-day top the previous day but overbought RSI joined firmer USD to drag the quote towards the first negative daily closing in six days. However, the quote stays inside a rising channel formation, not to forget remaining beyond a convergence of 100-SMA and a seven-week-old support line, to keep buyers hopeful of witnessing the fresh high above $84.00. In doing so, an upper line of the short-term rising channel, near $84.50, may play a role to trigger another pullback amid likely overbought RSI conditions, which if ignored could propel the upside moves toward the $90.00 threshold.
During the pullback moves, the stated channel’s support near $80.60, followed by the $80.00 psychological magnet, will be important for short-term traders to watch. Should oil prices drop below $80.00, the aforementioned support confluence around $77.80 will be in focus. Overall, oil bulls are tired but not out of the woods, which in turn seeks a strong catalyst for a pullback, highlighting today’s US debt ceiling vote and Friday’s NFP figures for conviction.
UKOIL SHORTAccording to my analysis UKOIL is SHORT. UKOIL take the resistance on Pitchfork upper line on 4H candle. 71.600 Works as support.
Brent oil buyers can ignore pullback towards monthly supportBrent oil consolidation the early week’s oversold RSI conditions while dropping back below $78.00 on Wednesday. However, an ascending support line from August 23 and 100-SMA, respectively around $76.70 and $75.00, will challenge the quote’s further weakness. Even if the British oil benchmark drops below $75.00, a horizontal line comprising multiple levels marked since August 30, near $73.50 will challenge the bears.
On the contrary, the corrective pullback will gain momentum beyond $79.00, targeting the $80.00. During the black gold’s further upside past $80.00, the May 2018 peak near $81.00 can offer an intermediate halt during the run-up to the three-year high of $86.95. It’s worth noting that a clear upside break of the $87.00 will be an end to the bear’s reign.
Brent Crude OilBrent crude oil has broken the trendline resistance and it looks like primary wave 5 has started, and within wave 5 , wave I and wave II are posiibly been completed and wave III should now unfold at $ 79.40 to $ 80.21, where wave III will be atleast equal to wave I, and on the down, the swing low of $ 70.89 will be now crucial support. one can go long at current levels or in dips (hopefully) with stoploss of $ 70.89
wave structure
key levels
macd in daily is positive, uptick and above zero line
rsi in daily is positive, uptick and also near 60
price tooked support from middle bollinger and now its above same
on weekly chart dmi is converging from negative to positive
Disclaimer
I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
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 :)
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.
BRENT CRUDE MONTHLY TIME FRAMEAs we can see brent crude in corrective phase in monthly time frame and again near to breakout levels if it breaks then we can see big rally in this counter
Crude is Entering in Bull trend ,IT will reach 250 $ per barrelCrude is likely will start moving up side and it will pause after it tags 95$ per barrel , it will likely consolidate for 8 to 10 Months before it start its move again
Once it brakes 95 $ then its heading towards 250 $ per barrel , it will its last move before End of Entire bull market move
One can look for buy set up those who trade in 3 Months Futures Contract
Good luck
Oil History - Based on Spread USOIL & UKOILOil History - Based on Spread USOIL & UKOIL
How the spread has reacted during difference phase of Geopolitics of oil life in last 2 decades.
Brent oil buyers can ignore pullback from 18-day topWith hurricane Ida easing to category 3 storm and the market sentiment dwindles over geopolitical, as well as covid, woes, Brent oil prices step back from multi-day high towards $72.00 during early Monday. The commodity’s Asian session run-up couldn’t cross the 61.8% Fibonacci retracement of July–August downside. However, a convergence of 200-SMA and 50% Fibonacci retracement level near $71.80 restricts the quote’s short-term downside. Hence, oil buyers may remain hopeful unless breaking $71.80, after which the losses could mount as the sellers march towards 23.6% Fibonacci retracement level, also comprising lows marked since July 20, around $68.20.
It’s worth noting that the fresh buying will aim for a clear upside break of 61.8% Fibonacci retracement level of $73.35. Following that, a downward sloping trend line from early July, near $74.40, will be important to watch for Brent oil buyers. In a case where the commodity bulls manage to cross the $74.40 hurdle, late July top near $76.60 may offer an intermediate halt during the rally towards the last month’s high near $78.45.
#OIL taking Channel support?#OIL daily bearish momentum and trend.sideways on weekly and probably trendline channel bottom supoort?
Brent oil sellers look for $68.00 retestEscalating covid woes weigh on commodities while downbeat China data exerts additional pressure on the Brent oil prices during early Monday. Also favoring the oil sellers could be the quote’s U-turn from 50% Fibonacci retracement of early August upside, followed by a break of the one-week-old rising trend line. Hence, the Brent oil prices are all set for further weakness towards a horizontal area near $68.00, comprising lows marked in the last one month. However, oversold RSI conditions may challenge the bears afterward, if not then 61.8% Fibonacci Expansion (FE) of the current month’s drop and pullback around $67.15 will act as an extra filter to the south.
Meanwhile, corrective pullback needs to cross the support-turned-resistance line near $71.65, a break of which should direct oil buyers towards the 100-SMA level of $72.90 and then to the $73.00 round figure. In a case where the Brent bulls stay dominant past $73.00, $74.20 and the monthly peak surrounding $76.60 should return to the chart.
Brent To Rise After next supportLast week it has given a neck line breakout from head and shoulder pattern, taking a support giving higher highs Brent now is in uptrend, its a good good entry for going long after taking next support to a short term trade.
head and shoulder pattern with some clear indication of further further up trnd....with d1 futr dwntrnd
