A price action above 109.15 supports a bullish trend direction.
Crossing below this level will negate the positive stance.
Further bullish support above 113.75.
Consolidation between 111.40 and 115.85. Crossing above 115.85 might target 122.55.
Crossing below 111.35 will be the first sign of weakness.
Remains in an upsloping linear regression channel pattern -...
Brent Crude is around $111.36, as investors grew concerned about a potential global recession and the tight supply of crude. Data from the Organization of the Petroleum Exporting OPEC Countries showed that its output fell by about 100,000 barrels per day in June.
Libya's oil exports have dropped to between 365 and 409 thousand barrels per day, which is about 865...
OPEC+ has announced the decision to increase oil production level to 648kbpd, reducing supply constraints targetted towards alleviating the soaring prices in the energy market.
Brent unlikely to develop a clear directional bias, with price likely to be supported by the 108 support and the 110 & 114 resistance area.
I expect the price to fall from resistance at 128. My goal is to support 80.Hope investors consider, I am not responsible for your investment decision. Thank you.
UKOIL moved down as we predicted in the last post.
Price action has created equal support levels. But the new high is lower than the previous high, meaning that the bulls are running out of steam.
The market is in a consolidation phase.
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Brent oil reached the ceiling of the channel, we saw the price decrease and again before reaching the previous range, we saw weakness in the upward trend, and it seems that this weakness will continue and the price will fall to the bottom of the channel.
Its no surprise anymore that OIL and energy stocks have been one of the only places to find some alpha this year. Even with oil taking a bit of a beating lately, looking at the technicals we are still in a very healthy shape for the time being with Brent Crude making higher lows within this triangle formation and well above its ascending 200 day moving averages....
On the H4, with price the break of the ichimoku cloud , we have a bearish bias that price will continue to drop from our entry at 106.82 in line with the horizontal swing low resistance to our take profit area at 101.22 in line with the horizontal swing low support. Alternatively, price may reverse off and rise to our stop loss at 112.04 where the 23.6% fibonacci...
The current structure on the UKOIL chart, illustrates that the bearish phase is still not finished. A pullback to the gray supply area is highly expected due the validation that I got from the RSI divergence made by the 2H OB.
I'm proud of this because it has taken me over 50 forecasts on oil to get 1 right (Even though it was shy a few pips). But I guess the older traders were right in saying "Always believe in your analysis". Just to show how crazy it is, Look at even how I drew the pullback.🥲🥲
