BrentCrude Oil (BCO)Price cannot seem to close below support levels. In an attempt to push below toward the downside, price creates a bullish pin off daily support levels. Great buying opportunity for bulls.
Brentcrude
BRENT CRUDE POWERFUL BULLISH REVERSAL PATTERNBrent crude is formed a double bottom pattern with a strong pinbar pattern and a bullish reversal pattern.
Brent has previously made a fresh higher high and failed to form a new lower low, signaling a possible trend reversal to the upside. Also, notice the (slight) bullish divergence in the RSI.
Could we see a retest of the recent high near the $70 mark?
Short Opportunities Brewing...Oil has fallen to pre-crisis (Houthi rebels/Iran attack) and filled in the original gap.
Price has closed just above the start of a large support zone (~400 pips)
The RSI2 is approaching oversold conditions
Whilst the dominant trend is certainly to the downside, this support zone has been defended by bulls in the past. This should give many opportunities to get short with a maximum tp level of $56.
Buy opportunityWe tested the bottom of the white channel and bounced - I'm waiting for the growth to its top or to the top of the current sideways motion and then short the bounce.
BCOUSD OVERSOLD! Trade for pullbackOANDA:BCOUSD
CRUDE OIL INVENTORIES REPORT OUT LATER
Current outlook: LONG
Oversold under:
RSI : 30 Mins
RSI : 60 Mins
RSI : 4 Hours.
Price range now is also near support level.
Market looks dangerous to go long but will be entering it to try and get pullback profit.
TP: 63.30
Position duration: ~14 days
GLOBALISTS AT IT AGAIN, OIL PRIMED TO RUN (BCOUSD)Hello traders.
This weekend, YEMENI REBELS have taken credit for a MAJOR DRONE STRIKE on Saudi Oil production, affecting their total output by HALF and therefore decreasing global supply by 2.5%.
Shortly thereafter, American officials turned to IRAN to place blame. The American government has been pining for this conflict for a very long time. With any luck, whatever your political leaning might be, President Trump will see through this facade and keep the brave American military OUT of such a conflict. There is no excuse for the exchange of human life for profit!!!!
All this to say, BAD FOR EARTH, GOOD FOR OIL SPECULATION.
The technicals on Brent Crude, though somewhat 50/50 in my eyes, show CLEARLY that oil indeed has room to run here. This Black Swan event could be the perfect catalyst to cause a major spike in price.
There isn't much more to say. I will be taking a market trade here with a relatively tight stop. This will be a low Risk high Reward trade.
Good luck everyone.
Most importantly, stay safe my friends.
BRENT CRUDE OIL BREAKOUT?Brent Crude Oil looks likely to break out of the trendline resistance as the risk-on sentiment remains.
Technically price is working within a channel and if price closes above confirming the breakout the sentiment
on oil will likely change. The USD weakness will help oil find higher prices so keep an eye on the USD Index.
Brent Crude Breakout?Awaiting for the close to confirm this breakout. Of course this would be a trade. I am still of the opinion that a recession is coming (or we are already in one) and oil will struggle. Really only geopolitics can change that.
However, on Brent crude, we had a downtrend and failed to make more lower lows. Indicating that the buyers were stepping in and the trend was changing.
We appear to be getting a confirmed break above this resistance level. Just awaiting the close.
There is a flip zone at the 64.10 zone so watch how price reacts there.Otherwise 65 may be in the cards.
BRENT CRUDE OIL BREAKING LOWSBrent Crude Oil is breaking through the weekly lows and with oil production increases the price of
oil is likely to continue to fall. Now the weekly lows have been broken we can look for further shorting
opportunities down to the demand zone of 52.00.
BRENT - Important levels before US Oil Stocks announcementGlobal markets started this week following new tarriffs and statements between US and China. President Trump wants to decrease import of goods from China and also mentioned that US should undertake necessary steps to replace Chinese products. At G7 summit Trump pointed out that new economic and trading partnership with EU will be put on place. Also President Trump made a giant statement that he is ready to negotiate and meet with Iran's President Mr. Hasan Ruhani.
These news, although sounds speculative but resulted markets inpredictable movements and uncertanity in Asian markets.
UKOIL prices following a downtrend recently tested the psychologic resistance of 60USD. Tomorrow at the US Crude Oil Stocls announcements we are expecting a dropdown of crude oil stocks to 2.133M. This could support the trend reversal of the UKOIL prices and pump the price upwards. For short-term we can surely say that the price will test 60.27 and 61.00 resistnaces. Following resistances are 63.00 and 64.15. Brent in general is in a downtrend since the beginning of the year, we do not expect the price to be above 65.00 which is a very strong resistance, and sellers will do anything to bring the price down from there. Let's follow the price to test 58.35 and 57.60 supports and move towards 61.00.
Support 1 :58.35
Support 2 : 57.60
Support 3 : 56.20
Resistance 1: 64.15
Resistance 2: 63.00
Resistance 3: 60.27
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Is Brent Oil Heading towards 36 in a couple of MonthsIf respite do not come for Brent Oil in terms of buyers to increase demand between 50 and 55.25, the black gold is likely to make a higher low at around 36 in a couple of months. Looking at the chart, it took Brent Oil about two and half years to rally from its low at 27.08 in January 2016 to its high at 86.72 during October 2018. Since after that, it has being on a decline. Using this assumption one can expect Brent Oil to make another low around 36 (if demand is not drastically increased around 50 mark), in the next 2 years - 2021.
OPEC, Non-OPEC countries and unconventional oil & gas producing countries actions and inactions have a big role to play in determining the future of the price of oil within this period...
This analysis is based on my technical analysis opinion and not to be construed as a trading advise.
PLAN YOUR TRADES AND TRADE YOUR PLANS
BCOUSD, Sell on H1.BCOUSD, Sell on H1.
H1:
- Test resistance D1 and move down
- Downtrend forming
- Tendency: Downward
- Below resistance and 2 EMA
-> Waiting re-test resistance
--> Give signal candle
==> Sell ( Continuous downtrend - Minor downtrend)
BRENT CRUDE OIL TO CONTINUE LOWERBRENT CRUDE is likely to continue lower as the price continues to form lower lows and lower highs.
The daily timeframe is currently showing price retracing back towards the key resistance of 60.30.
If price forms bearish price action we can look for a swing trading opportunity from these lows.
#SCO Nice POPAfter break down of Symmetrical Triangle for both Brent and WTI Crude Oil chart, this ultra short ETF have spike UP.
I believe oil prices will continue to trend lower due to trade war and possibility on china using iranian oil.
Expecting ultimate price target of this ETF $40.00
Thoughts for discussion.
UK OIL UPSIDE PUSH TO FOLLOW?Hi fellow traders.
Looking at UKOIL right now, we can see that the RSI indicator has fallen towards the oversold region and is currently looking for a rally to the upside. Considering that UK Oil Supply is to remain the same, and with the UK Iran Oil Tanker tensions rising, it looks like UKOIL could look to push to the upside.
At this point in time 64.20ish would be an ideal buy in position region. I have been considering a buy position from 64.05.
Additionally, we can see that we could be rebounding from a critical support level at 63.90. In this case, it looks like it could be the perfect time to long this pair.
For a quick bullish squeeze out of this pair, the main ideal target would be around 63.56.
For a longer swing on this pair for a few days, looking from a bullish price action point of view, 65.00 region could be an ideal take profit region.
Stops should look to be placed around the previously mentioned critical support level of 63.90.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Brent Crude Update: Fresh HH signals continuation of uptrendBrent is breaking above a recent high to form a fresh higher high, after the price retraced and found buying pressure at the 61.8% Fib level.
A close above $68 sees no significant resistance until the $70 level and above.
We're holding our long position since the formation of the double bottom pattern on June 13.
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Crude Oil BRENT - Symmetrical TriangleCRUDE OIL Brent
we have a standard symmetric triangle of indecision
with the demand for crude oil suffering cuts it is possible that we will have a greater demand for the supply, so it is possible to value Brent Crude OIL! OPEC + Saudi Arabia and Russia have agreed to a G20 agreement to extend the cut in production for at least 6 months. The agreement is planned for the next 9 months.
I'm totally BULLISH!
Brent Crude OilAfter a perfect bullish move Brent Oil has reached an area where is facing horizontal resistance, downtrend resistance and it is at the upper end of the uptrend channel.
I am foreseeing the price to come down to the lower end of the channel, at around 64.6 area where it will also be the lower end of the channel.
On the 4H chart I want to see a break of structure, marked by the black line, before going short. If the price holds above it might signal a price compression and that is a bullish signal.
USOIL UKOIL Perfect Take Off Signal per LongBuyLongSellIndicatorLook at the chart shown here.
As per the analysis of LongBuyLongSellIndicator( Script Below) USOIL entered into long territory.
The BackGround Color also become Green .This shows trend starts for long.
Good Strengthmeters are lined up this candle shown that shown price will move up.
I have done the analysis of 1H 4H D chart all shown bullish signal.
if you wish to take a look of the Indicator (LBLS -LongBuyLongsellIndicator) .It is given below.
