Brent oil buyers need to defend $70.30 breakout to aim for $72.0Brent oil holds onto a weekly uptrend despite the previous day’s pullback moves. The British oil benchmark keeps the upside break of double-tops marked in May amid bullish MACD. As a result, the commodity buyers should stay hopeful to refresh the multi-month top, marked the previous day around $71.50. However, the following run-up needs validation from $72.30 comprising an early 2020 high. On the contrary, a confluence of May’s double-tops and a short-term support line near $70.30, followed by the $70.00 threshold, restrict the immediate downside of the black gold. In a case where the quote drops below $70.00, 100-SMA near $68.50 adds to the downside filters ahead of confirming a bearish trajectory towards the mid-May bottom surrounding $66.70.Longby MTradingGlobal0
Brent Sell breakdown Hi there, Brent is setting up for drop and deeper correction upto 55 dollar. Watch for sharp sell off and look for drop or watch for on lower time frame from top. Good Luck Shortby Wave-TraderUpdated 7
UKOIL - Trade setup to be watching for the next few hours inWaiting for clear candlestick confirmation at desired level to indicate shift of momentumShortby dey_ramanuj0
Brent oil drops from 21-DEMA as EverGiven refloats in Suez CanalEver Given’s refloat in Suez Canal opened the one-week-old blockage in the busy global route during early Monday. The move not only helped market sentiment but also weighed on the oil prices and dragged Brent Oil from 21-day EMA. Given the fundamental reason and the commodity’s repeated failures to cross the key EMA, the quote is likely to revisit the 61.8% Fibonacci retracement level around $61.15. However, any further downside will be tamed by the monthly low of $60.44 and the $60.00 psychological magnet. Meanwhile, an upside clearance of a 21-day EMA level of $64.85 can trigger the oil benchmark’s recovery moves towards the one-month-old horizontal resistance around $67.45-50. It should, however, be noted that a sustained rise past-$67.50 will propel Brent oil towards the mid-March top near $70.50 before directing oil bulls to the monthly peak of $72.00.Shortby MTradingGlobal0
Brent oil seeks fresh buying but $65.00 probes buyersBrent oil’s bounce-off early February low has a bumpy road ahead as 200-SMA joins the previous support line from February 19 to challenge the commodity buyers around $65.00. Even if the black-gold prices conquer the $65.00 hurdle, March 10 low and February 25 top, respectively around $67.00 and $67.70 could test the oil bulls. It should also be noted that bearish MACD suggests further hardships for the commodity’s corrective pullback. Meanwhile, six-week-old horizontal support around $61.85 restricts the quote’s immediate downside ahead of 61.8% Fibonacci retracement level near $61.00 and the $60.00 psychological magnet. If at all the oil bears dominate past-$60.00, the late January tops surrounding $56.00 may return to the chart. Overall, oil bears are likely rolling up their sleeves to consolidate the latest run-up.Shortby MTradingGlobal0
Brent Oil Trading IdeaBrent oil crashed more then 5% today and RSI value it just near to over sold level in H4, so be ready for not to sell to sell any more. if it will not stop at the level of 64 then nest level is 62. so basically 62 would be awesome price to be enter as BUY for the target of 68 in short span of time. By: A.S Dhakad CMT, CFTe, CWM, MBAby fintrade_global0
Elliot wave Analysis # Bullish View Brent CrudeUS OIL Impulse move till 75 to 82 odd levels Currently, cycle wave 5 in progress Finally, prices could turn and begin to form a bullish sequence 5 Longby Dino_Naidu3
XBRUSD Morning starMorning star formation in XBRUSD...can be considered long SL 66.80Longby AK1808Updated 0
Brent oil bulls confront key hurdle around $72.00Having failed to conquer $72.00 during early 2020, Brent bulls again confront the key hurdle comprising 78.6% Fibonacci retracement level of October 2018 to April 2020 south-run. Although fundamentals are favoring the black-gold buyers, overbought RSI and the strong upside resistance challenge the commodity’s further upside around $72.20. If at all, the bulls conquer the same, April 2019 peak surrounding $75.50-60 can validate the run-up to the late-2018 top near $87.00. Meanwhile, the $70.00 psychological magnet can offer immediate support to the energy benchmark before recalling the mid-February lows close to $62.00. It should, however, be noted that the oil bulls should remain hopeful unless the quote drops below 61.8% Fibonacci retracement and 200-week SMA area near $60-59.00. Following that, the bottoms marked during January 18 and 22, 2021, close to $54.50, will be in the spotlight.by MTradingGlobal0
Brent oil bulls dominate inside gramophone at 13-month topTrading sentiment on the floor remains quite depressing as markets await Fed Chair Powell’s half-yearly testimony. However, the bullish chart formation on the four-hour play keeps Brent oil buyers hopeful, despite the latest pullback from $66.76. It should, however, be noted that the oil bulls need to stay away from $63.40 and $62.90 supports comprising 50-SMA as well the gramophone support. If at all the quote slips below $62.90, the $60.00 threshold and 200-SMA level of 58.60 will gain the market’s attention. Meanwhile, the $67.00 round-figure should lure the short-term buyers before testing them by the gramophone’s upper end near $67.40. It’s worth mentioning that July 2019 peak surrounding $68.20 and the $70.00 will offer extra filters to the north of $67.40. If at all the oil buyers remain dominant past-$70.00, the previous year’s peak close to $72.30 should return to the chart.Longby MTradingGlobal0
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast: 54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A peak is formed in daily chart at 64.83 on 02/18/2021, so more losses to support(s) 58.65 and minimum to Major Support (54.40) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 66. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️by ForecastCity_ME229
CRUID OIL ELLIOTT WAVE ANALYSIS 22.2.21BUY 58 TO 56.589 TARGET 71 Reason For Buying This Script : In weekly frame it is forming the Elliott wave it is having good potential to move upward. so we can go for buy. Now it is in correction mode . Use this opportunity and buy at this levels 58 to 56.589. once it cross 71 and close above 71 in weekly time frame means next target up to 87 . Note : Above given levels are based on weekly time frame . It will take some days to achieve the target, So be patience. Above given target are in USD . All the best ...Longby dayanithi5550
Crude can be over positiveOm Namah Shivay Crude looks positive, it should not go below 63, it has possibility to touch 66,75,86 before going further higher to 97. Om Namah ShivayLongby sudhannayak221
Brent oil consolidates gains from 13-month top around $61.00Following its run-up to a fresh high since January 2020, Brent Oil wavers around $61.25 amid overbought RSI and sluggish markets. Given the fresh headlines suggesting US-China tension, coupled with the US stimulus gridlock, the commodity has reasons to look for a pullback. However, the yearly peak surrounding $60.26, followed by the $60.00 threshold, can test the sellers. Also acting as a downside filter is the 21-day SMA level around $57.30. If at all Brent sellers conquer the $57.30 support, the lower line of the three-month-old rising channel, currently around $56.70, becomes crucial. On the upside, the latest high near $61.80 and the stated channel’s upper line close to $63.00 will lure oil buyers during the fresh rise. Although overbought RSI conditions and strong resistance of the channel may trigger pullback around $63.00, any further will risk a late-January 2020 high of $66.40 and the previous year’s peak surrounding $72.30. Overall, Brent oil buyers seem to overdo their duties amid hopes of economic recovery and supply outage, which in turn hints at the need for a pullback to keep the trading smooth.Shortby MTradingGlobal1
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast: 54.40 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A trough is formed in daily chart at 54.40 on 02/01/2021, so more gains to resistance(s) 62.30, 66.05, 70.35 and more heights is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 73. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️by ForecastCity_ME225
Brent oil bounces off 100-SMA inside short-term falling triangleAlthough coronavirus (COVID-19) strains probe the commodities off-late, Brent oil’s latest U-turn from 100-SMA favors the energy bulls. Also keeping the oil buyers hopeful is a short-term descending triangle formation on the four-hour chart. However, a falling trend line from last Wednesday around $55.70 can offer immediate resistance to the quote ahead of highlighting the triangle’s upper line. It should be noted that the commodity’s ability to defy the triangle with an upside break of $56.25 will not only challenge the monthly high of $57.37 but will also raise challenges for the $60.00 threshold and February top near $60.25. In a case, Brent oil drops below 100-SMA, at $54.70 now, triangle support of $54.40 and an ascending trend line from December 23, currently around $53.50, will add filters to the downside momentum. However, the oil bears’ reluctance to respect the $53.50 support will be tested by the $53.00 round-figure before highlighting the monthly low close to $50.00.Longby MTradingGlobal0
Brent Crude OIL EW analysis on lower time frameOm Namah Shivay Trying brent crude oil EW analysis. The structure with EW in Crude OIL have own characteristics. The structure looks like an Impulse after previous impulse + abc structure. Possibly there is small correction or sideway on short term. In Crude, the 5 wave impulse that we counted now, is part of a bigger impulse wave. Previous impulses are very dynamic which suggests if this is going to be an impulse, then the long side ways are part of it. Om Namah Shivayby sudhannayak110
💡Brent Crude Oil - Weekly technical analysis updateMidterm forecast: 52.45 is a major support, while this level is not broken, the Midterm wave will be uptrend. Technical analysis: While the RSI uptrend #1 is not broken, bullish wave in price would continue. A peak is formed in daily chart at 57.25 on 01/13/2021, so more losses minimum to Major Support (52.45) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index (RSI) is 61. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️by ForecastCity_ME4410
Brent oil buyers can ignore short-term support breakDespite breaking an ascending trend line from early November, Brent oil remains beyond 21-day SMA. However, a clear break beyond the previous support line, now resistance, around $51.30 becomes necessary to renew optimism. Following that, $52.50 and the recent high close to $53.30 can lure energy buyers ahead of making them confront February lows near $53.65. It should, however, be noted that the oil bulls will not refrain from challenging the $60.00 threshold in a case where the quote remains positive past-$53.65. Meanwhile, a daily closing below the 21-day SMA level of $50.48 needs validation from the $50.00 round-figure to recall the sellers targeting November tops near $49.00. Though, any further weakness below $49.00 can make the commodity vulnerable to retest August month’s high of $46.08. Overall, Brent oil remains in an uptrend but the covid woes are likely to test the bulls.Longby MTradingGlobal0