The price of oil is strengthening its bullish potential more and more. As before, the price approach to 94 is expected.
BUY scenario: Mainly growth is expected from the same level of 88.65. Longs are relevant from the current ones. But it must be remembered that closing the price under 88.65 cancels all purchases.
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BRENT Crude Oil opened with a bullish gap yesterday after the weekend, but it managed to cover it during the trading day and to revert back in long direction, although not managing to reach the levels of yesterday's open.
The Upper and the Lower Band of the Bollinger Bands are moving closer together, which is an indicator that the BRENT had lost some of it's...
With OPEC meeting out Wednesday both Brent and WTI crude are front and centre this week – we also know higher crude prices are key for inflation expectations, and the move into $90 has supported US 5Y5Y swaps at 2.48%.
Traders are buying into crude to hedge against sustainably high inflation, but It feels like the market is long of crude as a hedge against...
According to Ichimoku, we're definitely bullish on long term.
Prices are perfectly supported by Daily Tenkan during their ascent.
With a Fibonacci Extension, I think that $92 is a probable target to look at. If this one breaks, we could look at the 1.618 Extension, at $109.9. Will depend on the evolution of the situation in Ukraine.
A possible fundamental...
The oil situation most likely continues to develop in a positive way. Presumably, the support level at 88.65 will be the starting point for the continuation of the upward momentum.
BUY scenario: The 88.65 level would be a good place to place a buy order. Growth target level 94. This idea is medium-term.
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Brent oil, now will try to make an another upward because can break the resistance line, so by stablize above it will start strong upward.
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Uptrend
Entry: above 88.95
Tp.: 92.50 & 94 & 96
Sl.: 87
WTI Crude Oil looks quite overbought at the moment.
The price may retrace before it goes to the next highs.
Here are key zones to watch for potential buying:
Support 1:
77.1 - 79.2 zone
Support 2:
72.9 - 74.8 zone
Let the price reach one of these zones first,
then look for a confirmation on lower time frames to buy.
In case of a bullish...
Contrarian signals everywhere.
Russia is risking being cut off from the financial system.
This could essentially wipe out the bid for oil as then no one in their markets could access those bids. A large % of the oil market will go offline so I would think we could expect at least -30% decline.
False Breakout of Major Resistance Level. A Bearish Harmonic Pattern has been formed. Selling opportunity!
UKOIL - SHORT
ENTRY PRICE - 88.77
SL - 91.50
TP - 79.20
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Brent Crude Oil has completed a 5 wave impulse to the upside and has put in 3 divergent RSI highs on the momentum indicator signaling a lack of buying momentum to support the recent price moves.
Everyone on the news is bullish crude and worried about Russia but this looks like it's all going to blow over and oil is going to take a dive for some reason.
At the beginning of next week, a slight downward movement is expected immediately to support 85.15, from where the price is likely to continue its upward movement to new highs.
SELL scenario: Due to a small rollback to support 85.15, one can open a short position with a small stop loss at the level of 88.65. The target, respectively, of the fall lies at the...
Weekly/daily time frame analysis on WTI Oil.
Price action & structure analysis.
Trading recommendations & thoughts.
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Crude prices continue to rally as Brent crude benchmark prices rose to $89.04 per barrel on Wednesday, almost erasing the plunge of crude prices since 2014.
Crude prices rose after Yemen's Houthi group attacked the United Arab Emirates rising fears over further supply tightening. The attack further escalated hostilities between the Iran-aligned group and a Saudi...
