As the global demand for oil continues to decline, coupled with the upcoming OPEC meeting, it is crucial to approach this situation with caution and strategic planning. Over the past few months, we have witnessed a steady decline in oil prices, primarily driven by various factors such as geopolitical tensions and a shift towards renewable energy sources. This...
Oil price trading stabilizes around the 75.00 barrier, waiting for a negative stimulus that will contribute to pushing the price to resume the expected bearish trend for today, whose next target is at 73.73, remembering that exceeding this level will push the price to the levels of 72.25 and then 70.78, while stability below 77.05 represents a condition. Important...
I wanted to draw your attention to recent developments within the Organization of the Petroleum Exporting Countries (OPEC) that could potentially impact the oil market significantly. It appears that OPEC is inching closer to reaching an agreement on production cuts, as several African countries have now joined forces. Over the past few weeks, discussions within...
triangle pattern for oil, i think this will be good position and good ratio (Risk-reward)
Dear Esteemed TradingView Members, I n the ever-evolving world of finance and trading, staying ahead of the curve is essential for success. If you're part of the exclusive audience of elite business professionals and investors, you understand the importance of precise market analysis and informed decision-making. In this article, we delve into the intricacies...
Hello everyone, The price of oil is fluctuating quietly positively, approaching the moving average of 50, which constitutes sub-resistance in front of the price, and we still expect the bearish bias in the intraday term with the price remaining below 77.86, waiting to test the 74.81 level as the next main target. It should be noted that breaching 77.86 will stop...
head and shoulders pattern to push between 85$ - 90$, are you agree with this forecast?
International oil prices rose more than 2% on Monday amid widespread expectations that OPEC+ will announce further production cuts after a meeting of member states early next week. Traders are eyeing potential speculative buying in crude oil trading as global risk sentiment appears to be strengthening and optimism returns among financial institutions. Crude oil...
Hello everyone,The oil price has been hovering around the 77.86 level since yesterday, and we notice that the 50 moving average provides positive support for the price to protect it from decline, waiting for it to surpass the aforementioned level to open the way for continuing the rise and achieving new gains starting at 79.32 and extending to 81.23. From...
Hello everyone,Oil price is trying to confirm the breach of the descending channel resistance, to support the continuation of the expected bullish trend for today, whose targets start at 77.86, noting that breaching this level will extend the bullish wave to reach 79.32 as a next positive station. On the other hand, it is necessary to note that breaking 76.35...
Crude oil prices fell for the fourth consecutive week last week. A substantial increase in inventories and record production were the main reasons for the decline in crude oil prices last week. The entire market has been weak recently due to supply concerns and a significant drop in demand. However, on Friday due to some short sellers Oil prices rose as...
After failing to break through 80 this week, crude oil fell again to around 75.56 after the US EIA inventory data emerged yesterday. There is currently no good news for crude oil in the market. The overall trend of crude oil is very weak, showing a slow falling trend. After breaking above the moving average, oil prices did not stand firm but fell back and fell...
The light crude oil futures market, with a current daily price of $73.18, is positioned below the 50-day moving average of $84.78, indicating a bearish trend in the short term. It’s also below the 200-day moving average of $78.11, reinforcing this bearish sentiment. The price hovers above the minor support level of $72.48 and is significantly above the main...
Hello everyone, Oil price is testing the key resistance of 73.70, which is positively influenced by the stochastic index, the price needs to be below this level for the bearish trend scenario to remain valid, which has the next target at 72.12. On the other hand, it should be noted that the confirmation of the breach of 73.70 will push the price to move higher...
Oil prices have risen in recent days on the back of a bullish outlook from OPEC+'s monthly report and the International Energy Agency (IEA) released a monthly report on Tuesday that raised its crude oil demand growth forecast for this year and next. Oil prices have been range-bound due to signs that tensions in the Middle East may be easing and uncertainty...
After the analysis and possible scenarios I posted here: The two zones that I tolerate everything for long are here. I expect to test Moving average again and we will get the final result. Another secondary scenario is that there is a recovery, and to new low levels
Hello everyone,The oil price is facing negative pressure to test the 77.86 level, and the price needs to remain above this level for the bullish trend scenario to remain effective, waiting for a breach of the 79.63level to facilitate the task of rushing towards our next positive target at 81.23 . On the other hand, we note that breaking 77.86 will stop the...
Oil prices rebounded by 2% last Friday, and market sentiment has improved. However, what impressed investors more deeply in the past week was the sharp decline in oil prices in the first half of the week. The rapid decline in oil prices broke through the lower edge support of the high range created by OPEC+ production cuts and the Palestinian-Israeli conflict,...