Brent oil is testing support at 86.32. I think the price will pass it and go further - perhaps to the level of 83.30.
Brent crude oil had quite the month in July, climbing from $74 per barrel all the way up to $85. This price jump came from Russia cutting back on exports to Saudi Arabia, trimming all their oil production. Still, I don't think the price is going to burst out of its range of $72 - $88 per barrel yet. What's interesting is the strengthening of "crack spreads"...
The previous forecast for Brent oil was justified - the support of 86.35 was confirmed and the quotes updated the maximum. Perhaps the price will again approach this mark in order to re-test.
BRENT OIL to be bearish should stable under 87.69 then will reach 86.04 to confirm the bearish trend should break 85.17 and stabilize under kit to get 83.50 and stabilizing above 88.71 will be bullish to reach 91.43 pivot price: 87.69 resistance price: 88.71 & 90.00 & 91.43 support price: 86.04 & 85.17 & 83.50 Brent oil will move between 87.69 and 86.04
My Analysis for Brent Crude oil over the next few weeks!
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ukoil Ascending channel just got completed on the 4h timeframe so now we looking for sells long term
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Brent oil updated the previous maximum. It has not gone far yet, and now further prospects are being determined. The support at 86.32 is likely to be tested in the near future. If it holds up, further growth will be possible.
The price is driven up by: → the policy of limiting oil production by OPEC+ countries. For example, Saudi Arabia last week announced a cut in production by 1 million barrels per day until the end of September, adding that the decision could be extended. Russia is also reducing production volumes. We wrote about the scenario of increasing growth in the price of...
As I suggested yesterday, and suggested in earlier posts, oil failed to stay above $86. It seems that in order to break out of the existing corridor, some additional incentives will be required.
BRENT OIL to be bearish should close 4h candle under 82.71 then will confirm the downtrend till 80.10 otherwise stabilizing above 83.50 will be bullish to reach 85.17 gradually pivot price: 83.50 resistance price: 84.40 & 85.17 & 86.05 support price: 82.70 & 81.60 & 80.10 Brent oil will move between 83.50 and 85.17
Oil quotes rose to a four-month high and it seems that growth has lost momentum. The increase came amid the decision of Russia and Saudi Arabia to cut production. An interesting question is whether the growth will continue. I would venture to share my opinion - I think the growth will not continue. But it is not exactly)
We are still in downtrend, but still a lot of buy orders residing in the blue demand-area. Expect 50% FIB- rally from last high-low, followed by pullback to demand-area and then explosive upward move to upper supply.
Yesterday's analytics on technical levels for Brent oil turned out to be successful. After the breakdown of the resistance level, the quotes moved up as expected. But growth will probably be limited by the level of 86.
Hello Buy Analysis of Brent oil The support of the $80 range is important With the market breaking the trend line, this low can now be considered a pullback, and by maintaining the support of $80, it will continue to rise towards $99 and even $106, which is the main target.
The picture with technical levels for Brent oil now looks like this: current quotes are between two levels - support at 82.60 and resistance at 84.80. It seems that the breakdown of any of the levels will decide in which direction the next movement will be.
How long can the oil price rise? It’d be quite possible to see an extended uptrend with Brent retesting $97 later this year if sentiment in markets remains generally positive and fears of recession don’t clearly return. Oil can often trend for quite a long time compared to other popular CFDs, so if this is indeed a new main uptrend it might continue into the...