Crude was Rude !!waiting to see how it behaves around 88-92 !! thats when i think (hope) it might cool off !!! wait and watch
UKOILSPOT trade ideas
Doller Rupee: ObservationMultiple SUPPORT $78.59 - $78.49.
In Last Candle Bounced from $ 78.59
In 2nd Last Candle Bounced from $ 78.49
Closed Below Drag to $77.51, $ 76.92-
Inverted HnS on crudeAnother analysis shows Inverted HnS on Weekly charts of Brent.
Target is the length from Head to neckline ,which suggests target $91.50
My previous analysis suggests rounding pattern on daily charts whose target is also near this zone..
So charts say that we ll see crude at 90/91.5 in upcoming days,..
Inverted HnS/Rounding PatternWhatever it is,it's bad for oil importing countries..
$80.5 is the level to watch out for..
Brent: Monthly reports eyed
Oil traders eyed fresh insights from OPEC and IEA reports
Supply crunch back on the table
The downside prevails as long as 79.50$-80.50$ is resistance zone
The monthly OPEC report will be released on Wed, 12 Sep and IEA report will be published on Thu, 13Sep respectively.
We believe this week’s Brent crude oil price action is likely to remain controlled by OPEC and IEA reports. Directionally, we think production wave from Saudi Arabia is setting the stage for bears.
Since the end of June, Brent oil has placed at the top at 79.50$ levels. Just last week, the price made a high at 79.46$ and retraced to 75.50$ levels, its earlier breakout level. It seems the near-term price action may have contained within the 80.0$-75.50$ range unless a fresh catalyst emerges, most possible downside.
Good support could arise around the 75.50$ ahead of the 75.00$ and 74.00-73.70$. A drag below 75.50$ could attract additional selling interest to 74.00$ and 72.20$ levels.
www.keytomarkets.com
Crude will go down now.The down trend has started and we may see a sub 70 level by end of this month
Brent:The erosion of the 73.30$ thresholds is highly encouragingBrent oil price fell 1.0% last week for a third week in a row, as the Turkish Lira crisis ignited the economic growth concerns. On Monday the oil price volatility stabilized, and the price inched up by 0.6%. From June high’s the price declines for six weeks out of seven.
Recent weakness attributed to the ongoing trade concerns and a dip in global economic growth, which leads to a drop-in demand from EM countries. Market participants more focusing on tumbling Turkish Lira and US-China Trade war headlines. Oil investors are hoping the better outcome from the next round of negotiations between US and China.
The oil price has surged more than 12% YTD, contrast down more than 7.0% past three months.
Technically speaking, the erosion of the 73.30$ thresholds is highly encouraging the bulls to initiate a more pronounced recovery to 74.00$ and 75.00$. Supports finds at 71.50$, 71.00$ and 70.00$.
Weekly supports find between around 70.00$. As we forecast last week, the price bound to consolidate between 70.00$-75.80$.
Oil price looks attractive between 70.50$-69.70$ levels. We see room for a short-term rally to 74.00$-74.50$ in case trade tensions reduces partially. The flip side, a two-day close below 200MAs could retrace further to 68.20$ and 66.00$
Could not cross resistanceCould not cross 2/1 ascending line, the channel thus formed shows Crude is heading for sub 70 level. Interim target 69.75 and in down trend.
BRENT CRUDERSI showing divergence which is a sign of breakdown. This fall is due to increase in supply from Libya. In my opinion oil should retrace back from 71$ or from 67$ and make new high in next 3-4 months. WINTER IS COMING!
