Oil is likely to hold above 85$ in the near future. At the moment, a small downward correction suggests itself, but you should be careful, as the price is moving in a strong uptrend. SELL scenario: A deal to sell is expected after the formation of the third top. This setup will be as confident as possible with the target of 85.15. ...
== Overtaking a downtrend....yellow ==. Successful Dow Swing Pattern has formed from below and beyond the buy entry point....blue == Goals = 73.48 and surpassing it = touching the downtrend... Green == The analysis failed to break if it broke 71.70
➡️ For oil, further downward movement is expected as part of the correction, for now. Meanwhile, OPEC lowered its forecast for global oil demand in 2021 to 5.65 million barrels per day. She named the slowdown in demand growth in China and India as the reasons. Although it should be noted that oil did not react much at the time of these events. Technically, the...
And so, the forecast for oil remains the same. It is expected that during today, the instrument would return to the downtrend channel and from there would go to the levels of 81.70 and 80.45. If the price consolidates further above 83.40, the SELL-scenario is canceled. Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
And so, the short-term SELL confirms for oil. The price area 81.70 - 83.40 serves as a resistance for further growth. Now the instrument is at the resistance line of the descending channel, which at the beginning of the next week may lead to active sales. Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
➡️ Brent Crude is trading at $80.70 per barrel and is moving within the fall and the downtrend channel. The presence of a bearish trend can be traced for the instrument, which can develop into a correction. As part of the forecast for the Oil rate for November 5, 2021, the growth of the asset value is expected to develop and the test level of $83.10 . Where can...
And so, although oil is on the rise, however, weakening of buyers are visible. We are not talking about a trend change, but a correction is very likely to happen. The target of such a correction could be 83.40 and even 81.70. This price area would support the instrument. Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
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On Tuesday, prices for WTI crude oil showed indecision. These dynamics indicate consolidation in the short term. However, a corrective decline should not be ruled out, as the asset is close to overbought levels. However, buyers' immediate target is the $ 82.00 mark. On Monday, JP Morgan analysts said that the average price of Brent crude will be $ 70- $ 80 in the...
And so, oil continues to set new records against the background of continuing demand. Many respected financial institutions predict price increases in the future. At least they would remain at current levels. Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.
Prospects for oil prices, to a greater extent, would add up to their growth or at least consolidation in the range of ~ $ 78–82. Deficit reduction is progressing more slowly than planned. The oil market is still in deficit, but not as before in view of the beginning of a small, but still consistent, softening of quotas by OPEC +. The decision by OPEC and its...
And so, quite well recently, the Ruble has won back positions against the US dollar. It's high time for upward correction. The instrument is expected to move up to the level of 72.68. Some resistance is located at 72.265. Additional pressure on the Ruble would come from the expected downtrend movement in oil in the short term. Remember, there is no place for luck...
The decision by OPEC and OPEC + on Monday to keep the plan for a gradual increase in oil production was prompted by fears that demand and prices could weaken. The group also considered the possibility of increasing production by 800,000 barrels per day, which is almost 1% of global production, ahead of Monday's meeting. Now the OPEC countries are more cautious,...
And so, the Canadian is also in anticipation of today's events during the American session. It is expected that the pair may sink at the moment, but it is unlikely to fall below 1.24911 (even more likely it would not reach and go up). The combination of technical and fundamental facts suggests that the instrument would move up in the medium term within the trade...
The oil is supported by reports that Saudi Arabia lowered its November export oil prices for Asia, the Mediterranean countries, Europe and the United States. Also, a positive factor for the oil market in recent days was the decision of the OPEC + states to maintain the previously adopted plan to increase oil production, despite the growth in demand amid a sharp...
There was no negative news for the oil market following the September Fed meeting. Interest rates and asset purchases remained unchanged, although the rhetoric continued to escalate. In particular, the Fed announced its readiness to make a decision to start cutting the asset purchase program at the next meeting. Additionally, an increase in expectations for the...
Trade: Short (after the breakout) Target 1: $69.5 Brent price broke a global declining trend in 2021. We expect Brent's price to reach at least 80$ in the middle term, but before that, it needs to cool down a little. The price is moving in the declining channel and at the moment we expect it to reach the middle line of the channel at the $69-$70 range, as...
And so, oil is definitely on a strong rise and opening sales can be very, very risky business. But the situation that has developed suggests that the oil can adjust and then may be further go up again. For this scenario, the price needs to dive below the 73.55 level. Remember, there is no place for luck in trading - only strategy! Thanks for the likes and comments.