Prices move because of supply and demand. When demand is greater than supply, prices rise. When supply is greater than demand, prices fall. Sometimes, prices will move sideways as both supply and demand are in equilibrium.
UKOIL rebounded from the resistance and pulled back on the 4-hourly chart.
The market is trading in the descending channel, but this is just a pullback against the bullish trend.
We anticipate the continuation of this current trend and the breakout of the channel.
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BRENT OIL
to be bearish should stable under 82.71 then will reach 80.52
to confirm the bearish trend should break 82.71
and stabilizing above 86.04 will be bullish to reach 91.43
Pivot Price: 83.50
Resistance Price: 85.17 & 87.70 & 91.43
support price: 82.70 & 80.52 & 77.81
Brent oil will move between 86.04 and 80.52
Oil sellers are not yet able to push through the existing support zone so that the daily candle closes below the existing lows. Much more important for traders is that these attempts to decline can stretch for a very long time and eventually end with a rebound and then a local increase to the resistance level. And if that happens. then all the cards will be...
Yesterday I published an idea in which I showed the current levels for Brent oil. Today it is clear that the support level has been passed. The level can be considered broken if today's daily candle closes below the August 3 low. If this does not happen, then we will wait for the next daily candle to close below today's one. It is then that we can expect a further...
Strong resistance for UKOIL is at level 86.55 and currently rejected. As we can see, the intermediate uptrendline also broken. So, right now Brent Crude Oil on bearish direction. The support level are at 84.36, 82.22, 79.84 and 77.02. Meanwhile current resistance level are at 86.55, 87.34 and 91.85.
TRADE IDEA (21-25 Aug)
NEUTRAL (RANGE BOUND)
Target 1 hit last week
BEARISH Candle formed on Weekly timeframe
Price seems to be showing signs of exhaustion
would consider a SHORT on a close and hold below
4H BOS
UPSIDE
A break and hold above 4H BOS
level could target the 88.00 level
For 40 weeks now, Brent quotes cannot or do not want to leave the corridor between the levels of 70.83-86.32. And it looks like now the decline is possible to the lower limit. The nearest level that can provide resistance now is 84.40. I propose to pay attention to it, and after the breakdown, it is very likely that we will get the opportunity to open a sale.
UKOIL dropped from the resistance at 88.00 and 87.00, which is a psychological level as well.
Price made lower lows and lower closes.
If the market retraces back to the resistance level at 86.00
We anticipate a pullback and bearish move since the market has dropped from this level before.
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Share your opinion in the comments and support the...
Last weeks Weekly Doji Candle close was a sign that that market was turning from Bullish to Bearish. The market has since broken down from its 7 week Bull run.
Chinas economic news of its possible recession will send Brent lower.
I'll be looking to open a short position.
At the moment I'm just waiting patiently to see what happens.
I'll post updates here as...
Yesterday's forecast for a decline in oil prices came true. After the breakdown of the support level, the quotes went down, but did not reach the target. Nevertheless, I believe that the forecast can be considered successful in view of the presence of a clear opportunity to close the deal with a profit.
Oil seems to be stuck in the corridor. At the moment, support is the level of 84.40. After the breakdown of this level, there is a possibility of quotes dropping to 83.40.
