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U.S. DOLLAR / BRENT CRUDE OILU.S. DOLLAR / BRENT CRUDE OILU.S. DOLLAR / BRENT CRUDE OIL

U.S. DOLLAR / BRENT CRUDE OIL

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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
Nine-month-old support line becomes crucial for Brent oil bearsBrent oil sellers cheer a clear downside break of 200-DMA and 50% Fibonacci retracement of March-October upside around 13-day low. While bearish MACD signals and descending RSI line, not oversold, favor the commodity sellers, an upward sloping trend line from March 23, around $68.70, is the key for the quote’s further downside. Should the commodity bears drop below $68.70, the 78.6% Fibo. and August month’s low, respectively near $66.20 and $65.10, will return to the charts before directing the British energy benchmark towards March’s low of $60.44. Meanwhile, an upside clearance of the support-turned-resistance confluence around $73.50 will aim for a 38.2% Fibonacci retracement level of $76.70 and then to July’s swing high near $78.50. In a case where Brent oil buyers manage to cross the $78.50 mark, the $80.00 psychological magnet and $82.80 will act as buffers during the run-up targeting the yearly peak of $86.60. To sum up, Brent oil bears tighten the grip but the ball may slip if the trend line support holds.
TVC:UKOIL
by MTradingGlobal
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 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.
TVC:UKOIL
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 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.
TVC:UKOILLong
by MTradingGlobal
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.
TVC:UKOILLong
by MTradingGlobal
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
TVC:UKOILLong
by RK_Chaarts
1
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