Finally breaking more than a decade long downtrend line, with a closing candle over the line, a good sign; a pull back could happen and then it could continue its upward trend; after pull back, it could be an amazing buy position.
This analysis will be updated.
The main view of this trade idea is on the 2-Hour Chart. The commodity Brent Crude Oil (BCO) has been in a rangebound movement since mid-October 2021, with resistance around the 86.50 price level and support observed around the 83.55 price level. Expectations are for a breakout higher towards 89.25. Failure of this move will be seen if BCO breaks...
Well, as we can see, we are technically reviewing Brent oil charts at monthly timeframes. The price finally broke its 13-year downtrend last month ... (This break needs to be stabilized) Currently, the most important support range for Brent oil is from $ 72 to $ 76 ... Brent oil currently has a significant static resistance of $ 85 and we have to see if it can...
We are still waiting for the Brent Crude to drop and approach its yellow trading zone. Here, we expect a massive turnaround, followed by long-term increases in the price. However, direct increases are possible, too, if the course reaches above $76.12.
Look at price reactions to the RSI level 70,. in the 4-hour time frame. If we do not consider Price and fundamental reasons, such as coronavirus news, And only consider the price reaction to RSI 70, Again, the amount of correction, as in previous times, is so considerable that it cannot be ignored
As we enter the 4th quarter of 2021 we see that some countries are imposing strict measures to curb Covid-19. At the same time, restrictions are loosening. thus, allowing economies to demand more oil to fill the need for increased economic activity. We can see that oil has remained in a steady climb with price making small fluctuations. But the trend is bullish as...
The general trend in daily time seems to be declining.
But now it seems to be a good place to enter the hourly time.
The new support level seems to be broken and the return to the new resistance level is complete and it is time to fall.
Q: What has the highest probability of occurring?
Since February 2021 price has been stabilising on $65 per barrel.
There is a combination of 2 classic patterns forming at 65.00 support.
The inverse head & shoulders, which is in the process of forming the right shoulder, is currently invalid.
This pattern projects 85.25 as the target.
The double bottom,...
Oil is in the daily trend of correction
In general, the $ 2 climb today is considered a correction, and the target for oil prices this week is $ 64.
Oil is in the daily trend of correction
In general, the $ 2 climb today is considered a correction, and the target for oil prices this week is $ 64
''One way to control inflation is to have cheap Oil around'' the Fxprofessor
Brent crude oil price down below $67 per barrel on London’s ICE first since May 24
The price of WTI oil also went down by 2.52%
MOSCOW, August 19. /TASS/. The price of futures contracts of Brent crude oil for October 2021 delivery went down by 2.18% on London's ICE on...
OPEC monthly report was issued a few minutes ago, and the report was not positive for OPEC+ and the oil-producing countries within the group, led by Saudi Arabia. OPEC kept its forecast for oil demand in 2021 unchanged at an increase of 6 million barrels per day, bringing the average to 96.6 million barrels per day, and also kept its forecast for the growth of oil...
For Oil Related Stocks.. Brent Crude Oil / UKOIL possible reaching its multi year top and forming an expanding flat pattern on its Super Cycle wave which is Wave (b)(Yellow) where price of Brent Crude Oil Could Oil Could reach at around 9.00 ?! as 1)Major Demand Zone 2)The Lower Trend line of Wedge Pattern .3) Pitchfork Line Support .
Brent oil struggles to keep bounce off 200-SMA above $76.00 as sellers attack 50-SMA amid early Monday. However, MACD is about to positive while RSI is strong as well, not to forget the black gold’s sustained trading above the key SMA. Hence, oil buyers are bracing for a leap towards the monthly resistance line around $79.00, which in turn will refresh the...