On its way down, Brent got stuck at the support line at $97.56. However, we expect it to struggle through and to make it into the blue zone between $94.50 and $89.73, where it should finish wave 5 in blue and wave a in turquoise. Then, Brent should move upwards, crossing even the resistance at $107.64, above which it should complete wave b in turquoise....
Have we just completed Elliott wave 1 of a crude oil bull market which I would argue started in November 2021 with Pfizer vaccine news?? Others may say it started from June 2020 after the May 2020 crash low touching zero or below briefly. I have a question for viewers if Elliott waves up to 5 does indeed play out again for oil (and commodities in general) how...
Following daily chart After yesterday's clear breakout, TP1 131.2 TP2 140.7 SL. 103
Brent crude completed its 'A' wave after a WEDGE break-out. It reached 76.8% of wave 'A'@$115.60, and started to fall Economical slow down will not support its way up, the result is formation of wave 'B' downwards until 61.8% of wave' A' ($60) the maximum time as per Neo wave is june24
Despite concerns about a potential recession, oil prices were still around $114 a barrel today as supply concerns outweighed concerns about a potential decline in demand. In the latest developments, workers in Norway went on strike, which is expected to cut the country's oil production by around 130,000 barrels a day. Despite the global economic recovery, oil...
Brent Crude is around $111.36, as investors grew concerned about a potential global recession and the tight supply of crude. Data from the Organization of the Petroleum Exporting OPEC Countries showed that its output fell by about 100,000 barrels per day in June. Libya's oil exports have dropped to between 365 and 409 thousand barrels per day, which is about 865...
I'm proud of this because it has taken me over 50 forecasts on oil to get 1 right (Even though it was shy a few pips). But I guess the older traders were right in saying "Always believe in your analysis". Just to show how crazy it is, Look at even how I drew the pullback.🥲🥲
Hi fellow traders, Brent crude oil is completing the flag correction in WXY formation. We can look for downside from here. Target 90 area. Goodluck!
Short Term Oil Crash is Unfolding... As per my counting, we just finished 1,2,3,4,5 and are on the way to finishing C wave of ABC. Only for educational purposes!
After it has knocked at the resistance line at $112.43 already twice, we expect Brent to rise above this mark and into the white zone between $113.88 and $123.14 to finish wave (2) in white. Afterwards, Brent should fall below the support lines at $104.67 and $97.56. There is a 28% chance, though, that Brent could soar through the white zone and climb above the...
Brent crude at the harmonic retracement area, with the importance of maintaining a clear closing below 110.90
Count for Brent Crude oil (BCOUSD) starts from covid low at $17.52 in April 2020 Vessels of oil where turned back at sea during lockdown. Supply was enormous, drove crude oil prices to negative territories which made headlines- something beautiful to have witness. LOL Five wave up from April 2020 low to March 8 2022 high March 8 2022 high of $135.84 is holding...
Due to the lack of supply from the OPEC and the US' production slowdown and the Russian invasion of Ukraine, the prices of gas have increased significantly. In the next couple of weeks, the prices of gas are expected to increase by 5-10%. This will continue to increase throughout the summer of 2022. China's demand for crude oil is expected to rise as the Covid...
Brent crude futures were trading at around $121 a barrel on Monday, after Saudi Arabia raised its oil prices for July. The country's official selling price for light crude was also raised. While it kept the premium for US barrels steady, it also raised prices for other products . The gains were largely due to last week's decision by the Organization of Petroleum...
Oil in very tight range for last few days. It can break out from here. Buy order placed above the high of yesterday.
Brent is currently glued to the resistance at $114.74, where it has finished wave b in blue. However, we expect it to let go of this mark soon to fall into the turquoise zone between $101.67 and $99.83. There, it should complete wave a in turquoise and move back above $104.67 afterwards to finish wave b in turquoise. After that is settled, Brent should gradually...
Crude oil prices are still trading lower on the day, despite a shortfall in US crude oil stocks this Wednesday. Brent crude oil price predictions remain unchanged from the bearish stance after the Energy Information Administration said that US crude oil inventories fell by 3.4 million barrels in the week ended 13 May 2022. This was a steep drop from the surplus...