Prices 5 times since March tested support levels and formed triangle. From the end of June Brent broke the upper line and formed the steep uptrend and stopped near 200 days daily MA. Now it corrects to the trendline. Should it rebound from the upper side of the triangle and form a smoother uptrend or try to test the support is the main question.
I have pessimistic expectations about oil. In my opinion, the current growth above 80 means nothing. An important mark will be 85. But even there, not everything is clear. If there is enough momentum, it will move on. And if it is not enough (which is more obvious for me), it will beat back and again to the level of 70.8, which it could not break through.
Everyone agrees commodities are heading up over the long term. High interest rates slow down the investment in the equipment and man power to produce these commodities but high interest rates also limit consumer spending which leads to mini glut. Fake news will be used to manipulate the price to spook positions.
Oil prices rise on cooling US inflation, China trade data Oil prices climbed on Thursday after U.S. inflation and economic data sparked hopes that the Federal Reserve may have fewer interest rate hikes in store and Chinese trade figures showed monthly oil imports were the second-highest on record in June.
Crude after weeks of sideways trend , gives a glance of breakthrough of the sideways trend by reaching 80. If the weekly closure is above 79.375 there are chances of having upper price targets 89, 98.4 then 108 . Point of view and the market is greater than anyone.
BRENT OIL Brent oil is about breaking its resistance zone and will start a new uptrend direction the movement will be positive as long as the trade is above 77.18 for today to get 79.90 and above 80.50 will be 82.20 gradually but stabilizing under 77.81 then will start the bearish to get 75.50 pivot price: 77.81 resistance price: 79.98 & 81.00 &...
We can see that we have been in downtrend quite sometime now , after the liquidity is taken we should see the trend continuation to the downside
BRENT OIL the movement will be positive as long as the trade is above 77.18 for today to get 79.90 gradually but stabilizing under 77.81 then will start the bearish to get 75.50 pivot price: 77.81 resistance price: 79.98 & 81.00 & 83.00 support price: 76..40 & 75.40 & 74.81 Brent oil will move between 77.81 and 79.95 tendency bullish
Oil is trying to rise, but movements remain limited to the following levels: Resistance - 84.80 Support 74.83
This is my opinion with technical analysis Please respect the following rules: 1- Risk management . 2. Have your own strategy.
Goldman Sachs: reduces its forecast for oil prices in December 2023 from $95 to $86 for the following reasons: 1- Increasing oil supplies from Russia, Iran, and Venezuela. 2- The fear and anxiety of the world about recession and economic stagnation. 3- Continuing and insisting on raising interest. BRENT OIL the movement will be positive as long as the trade...
Oil is trading in a range Long term its starting to look bullish but I feel we may retrace one more time to the support area. My only concern is the amount of wicks on the weekly chart near the support. I feel there may be some institutional accumulation of oil at that level. will be looking for a buy entry when we return to the support level marked on the chart
The OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary: → the organization (which currently consists of 13 countries) is looking for new members; → the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID; → nevertheless,...
We are having difficulty surpassing the wedge indicator. 71,392 can be viewed as buying.
Brent oil, in my opinion, has bright prospects. For a week in a row (more precisely, after April 30, 2023), the weekly candle has never been able to close below the level of 73.90. This clearly indicates a shift in strength in favor of the bulls. In my opinion, we are going to see a rapid and rapid growth up to $140 per barrel.
BRENT OIL the movement will be Negative as long as the trade is under 77.18 for today to get 75.40 gradually but stabilizing above 77.81 then will start the bullish to get 79.98 pivot price: 77.18 resistance price: 77.81 & 79.98 & 81.00 support price: 75.40 & 74.81 & 73.40 Brent oil will move between 77.18 and 75.40
Preferred direction: BUY Comment: The long idea for oil has been working out very well and after completing the planned path earlier, the level of 77.39 opens for the buyer. A rather difficult obstacle for the buyer, because if not for it, then the price could rise above 78 from the current ones on the impulse. Therefore, in the near future, an approach to...
Technically speaking, we could see price fall back towards the horizontal support level after rejecting again off the diagonal trendline. OPEC meetings ongoing, so any major news events from there might cancel out and technical setups