Price is consequence of demand. Demand is consequence of adoption. As more countries transit into industrialize countries, the demand for oil will increase at higher pace than the transition to other energies which requires an infrastructure which countries on transition to industrialize do not have
Brent oil is stuck in a narrow corridor, but there is also money to be made here. It looks like the quotes are now moving away from the support level. If the rebound takes place, we will take profits around level 94.
BRENT OIL
After the strong pullback from 83.53 till reached 95.84 Now can reversed to do a retest till 90.77
So, from 92.91 will drop to 90.77 and then should break it to be bearish trend till 88.16
While trading above 90.77 it has a bullish trend till 94.79
For any reason stabilizing under 90.77 will support falling to 88.20
Pivot Pivot: 92.90
Resistance...
UKOIL is trading in the descending channel. Even though the market is bullish on the daily chart.
The market printed the pinbar at strong resistance.
The market is making a pullback on the larger scale of the bullish trend.
We anticipate buying opportunity at completion of the AB=CD pattern at 91.00, which is a previously weekly...
Buy, buy, and buy... But make it risk free when in profit...
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About the analyst:
Gerald Mann was born Mr. Peiman Ghasemi on February 16, 1988. After a long while of diplomatic cooperation as an adviser to Barack Obama, and as a veteran; but, finally, unfortunately he got deported from Turkey to Iran. While, in fact, he was praised by Barack Obama in 2014, but...
Oil has a good chance of rising to new heights. At the moment, there are only two obstacles - resistance levels 94.30 and 96. Both resistance levels could be critical for long-term growth. Support at the moment is level 92. In general, this existing support and resistance will determine further price behavior.
Hello Traders, a little Swing for buyers to the Target around 92,5. The right way is DOWNTREND, but we sell all together that Oil ca goes a other way, as we think. Watch at the red LINE and trade the reaction to 89 USD in the Next WAVE. I think in September an October we have in the last 20 Year the TOP from the monthly highest prices. The next way 89 ? Down or...
BRENT OIL
The price reached our target in the last idea as we said.
BRENT OIL stabilized at the bullish zone and from there 9479 will touch 96.63
Otherwise for any reason stabilizing under 94.75 will support falling to 92.91
Pivot Pivot: 94.80
Resistance Price: 96.63 & 99.80
support price: 93.23 & 91.00
Brent oil will move between 94.80 and 96.63
LAST...
BRENT OIL
The price reached our target in the last idea as we said.
BRENT OIL stabilized at the bullish zone and from there 90.77 will touch 92.91 and above it at 96.45
Otherwise for any reason stabilizing under 90.20 will support falling to 88.16
Pivot Pivot: 90.80
Resistance Price: 92.92 & 96.46
support price: 88.20 & 86.00
Brent oil will move between...
Preferred direction: SELL
Comment: The last oil trade aimed at a short-term fall (counter-trend movement) successfully closed with a profit. At the moment, a sell setup has also formed, and here most likely the rollback will be deeper. The correction potential lies at the level of 92.50.
Thank you for like and share your views!
The price action is at the top of wave 5 out of the Elliott wave analysis.
Furthermore, the overbought classification supports the fact of a temporary correction that might be on the table.
Might we see a correction unfolding back to this 23.6% Fibonacci retracement? This level is around $89.
This level overlaps with the black dotted trendline.
1:-OPEP+ downgraded the petroleum production
2:-USA Strategic Petroleum Reserves are in ATL and will need a refillment
3:- The global production(discounting the European one, which is in a decline) are in growth phase what indicates a growth of consumption of energy
4:-Elliot Waves Theory indicates also an end of the correction A-B-C
Brent have two recent bottoms 1.June 2023 ($72) and 2. August 2023 ($82.5) and has rallied more than 33% since July. The rally still looks to be continuing without till 496, $98.5 and $100 very soon. Given the strong momentum buildup and supply cuts from OPEC+ has given the oil a due rally which the cartel was expecting since June 2023.
Technically speaking...
Unfortunately my last UKOIL prediction didn’t fair too well but using the science of Elliott Wave I think I’ve been able to identify previous mistakes and also a way forward.
I expect the $90-$91 range to send UKOIL back to $25 over the next 3 years or so. Based on what news? Who knows. We’ll see when it comes but the chart is always the first indicator :)
