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CFDs on Brent Crude Oil

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UKOIL trade ideas

Brent Oil Resistance Rejection IdeaDescription: Brent oil is approaching a key resistance level. This level previously acted as support, but after being broken, it has now turned into resistance. If the price revisits this area, there’s a high probability of rejection based on past price action. Trade Idea: Watch for the price to approach the resistance level. If there are signs of rejection (e.g., bearish candlestick patterns or declining momentum), this could be a good opportunity for a short position. Set a stop-loss slightly above the resistance level in case the price breaks through. Potential target: Previous support level.
BLACKBULL:BRENTShort
by rebenga93
Brent oil trend moving down or up?Amid supply concerns in the markets, oil prices, which had dropped to the $69.30 level, saw a notable rebound. The American Petroleum Institute reported a 1.9 million barrel increase in weekly crude oil inventories, while a slight decrease is expected in the official crude oil inventories to be announced in the U.S. today. In the U.S., strong expectations remain that the Fed will cut interest rates by 25 basis points today. Therefore, despite the positive risk appetite, Brent oil prices have continued to trade with a bearish trend below the $73.00 level. Technically, if the 72.35 support level is broken, further declines toward 71.50 and 69.30 are possible. On the upside, if the 73.0 resistance is surpassed, buying momentum could accelerate toward the 74.30 and 75.50 resistance levels.
TVC:UKOIL
by primequotes
Why haven't you profited from oil yet???Oil prices are falling rapidly due to several factors: Increased crude production in the U.S. and other countries not part of the OPEC+ agreement. Decreased demand from a major consumer, China. In August, demand dropped by 7% year-over-year. On September 10, 2024, the price of #BRENT oil fell to $68.44 per barrel — the lowest since December 2021! Analysts at Gunvor and Trafigura predict that global Brent oil prices could drop to $60 in the near future. In response, eight OPEC+ member countries have agreed to extend production cuts until December 2024. However, the efforts of the commodity deal participants have yet to yield the desired results... While traders worldwide are deciding whether to "sell with the trend or buy at a cheaper price?" we’re offering you a benefit for any trade direction by completely canceling oil swaps! From September 16 to 29, no Swap or Swap Free fees will be charged for rolling over #BRENT and #WTI oil contracts on FreshForex platforms.
ACTIVTRADES:BRENT
by Fresh-Forexcast2004
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BLACKBULL:BRENTLong
by Thief_Trader
Will UKOIL continue its decline?The U.S. Energy Information Administration (EIA) announced that global oil demand will reach a higher level this year, while noting that the increase in production will be lower than previously forecasted. Additionally, the EIA reduced its price forecast for Brent crude oil in 2024 by 2.4%, from $84.44 per barrel to $82.80 per barrel. As a result, Brent crude oil prices fell to the $70.0 level. Technically, if the 69.30 support level is broken, further declines toward 67.50 and 65.60 are possible. On the upside, if the 71.50 resistance is surpassed, buying momentum could accelerate toward the 73.0 and 74.30 resistance levels.
TVC:UKOIL
by primequotes
Brent Crude Oil (UKOIL) Analysis 1M Chart (Monthly): • Head and Shoulders: A potential bearish Head and Shoulders pattern is visible. The left shoulder forms near $94, the head at $110.59, and the right shoulder around $90.15. • Fibonacci Retracement: • 0.764 level at $94.40. • 0.618 level at $84.39. • 0.382 level at $68.20. • Critical support lies near $58.19 (0.236 Fibonacci). • RSI: Around 59.28, indicating a slightly bullish to neutral trend. • MACD: Bearish momentum is building, suggesting a potential downside. • Key Observation: A break below the $71.92 support level could confirm the bearish head-and-shoulders pattern, with a potential target towards $42 USD (projected target from the pattern breakdown). 1W Chart (Weekly): • Fibonacci Levels: The key support levels on the weekly chart: • Resistance: • $110.19 (0.764). • $97.18 (0.5 Fibonacci). • Support: • $84.16 (0.236 Fibonacci). • $72.52 is a critical level as it’s the immediate support zone. • RSI: Around 43.09, entering bearish territory. • Stochastic Oscillator: Bearish, suggesting continued selling pressure. • Key Observation: The weekly chart suggests a strong downward momentum. If $72.52 breaks, Brent could head to $58 USD (0.236 Fibonacci on monthly). 1D Chart (Daily): • Price Action: Brent Crude is facing immediate resistance at $86.30 USD (0.764 Fibonacci), with support at $81.57 USD and $71.92 USD. • RSI: At 37.86, indicating the asset is approaching oversold conditions. • MACD: Bearish momentum continues to dominate, with further downside pressure expected. • Stochastic Oscillator: Bearish crossover suggests potential further downside in the near term. • Key Observation: There is a target towards $71.92, with additional downside possible if it breaks below this level. 4H Chart (4-Hour): • Price Action: Brent is testing support at $71.10, with immediate resistance at $81.31 USD (0.764 Fibonacci retracement). • RSI: At 29.00, signaling that the asset is highly oversold in the short term. • MACD: Shows bearish momentum, but a possible reversal could occur due to the oversold conditions. • Key Observation: The price is at a crucial support level. A bounce from $71.10 USD is possible, but if it breaks below this, it may head toward the next support zone around $67 USD. 1H Chart (Hourly): • Price Action: Brent is currently facing resistance near $80.10 USD (0.236 Fibonacci) and is sitting near support at $71.40 USD. • RSI: At 30.43, showing that Brent is oversold. • MACD: Bearish momentum continues, but potential for a bounce from oversold conditions. • Key Observation: The hourly chart shows oversold conditions, and a potential short-term bounce from the $71.40 USD support zone is possible. 30-Min Chart: • Bearish Pennant: A bearish pennant pattern is forming, suggesting a continuation of the downtrend with a target toward $70.70 USD. • RSI: At 38.42, indicating ongoing bearish sentiment, but not yet oversold. • MACD: Bearish, with further downside pressure expected. • Key Observation: Brent Crude may test $70.70 USD if the bearish pennant pattern plays out. Summary: • Overall Sentiment: Brent Crude Oil is in a confirmed downtrend across multiple timeframes. The Head and Shoulders pattern on the monthly chart and the bearish signals on weekly and daily charts suggest further downside risks. • Critical Levels: • Resistance: • $86.30 USD (daily), $110 USD (weekly, Fibonacci 0.764). • Support: • $71.92 USD (daily and weekly), $58.19 USD (monthly). • RSI Levels: Several timeframes indicate oversold conditions, particularly on the 4-hour and hourly charts, which may offer short-term bounce opportunities. Trade Strategy: • Short Setup: • Entry: On a breakdown below $71.92 USD. • Target: $58 USD (based on monthly Fibonacci and H&S pattern). • Stop-Loss: Above $86.30 USD. • Long Setup (Short-Term Bounce): • Entry: On a bounce from $71.40 USD. • Target: $81.57 USD. • Stop-Loss: Below $70 USD. Conclusion: The overall trend remains bearish for Brent Crude Oil, with a possible target of $58 USD in the medium term. However, short-term oversold conditions could offer a bounce towards $81.57 USD before the downtrend continues.
TVC:UKOILShort
by stonaola1
Crude OIL $UKOIL Classic patternI've seen this pattern many times over the last 5 years on different instruments, and its working out to over 50% The essence of this pattern is a classic triangle with horizontal support, most of the participants realize that we will break down, but not everyone believes that we will take liquidity off the top before going down. An instrument like oil is quite trivial and it can fall without taking liquidity off the top. But I want to share a few examples of my theory working out, where the upper resistance line is broken before the drop-down Best regards EXCAVO
FX:UKOIL
by EXCAVO
6
Probably safe to trade the bounce hereOil has come under pressure over the last few months but has now traded down to just above a rather significant support level. The $71.71 level (give or take) has been rather significant since early 2020 when it was resistance. Since then, it has turned into support, and now Brent has come down to test it as support once more. Our thinking is that it would be a safe trade to go long for the bounce here. At the very least we will know quickly that we are wrong if the support level fails. At best, we can get a great entry to trade Brent back up to around $90.
VELOCITY:BRENT
by Herenya
A clear support at the level 72.5 the next level will be 66 As the diagram shows the Brent is under pressure despite all the other factors that it usually effect and support the bull market , the market choose to ignore those signals (like geopolitical factors, and production shortage ,,,, etc.) my opinion that behind scene there are bigger news not yet to be reviled. In more possibale scenario is Brent will find resistance on 75.20 or less but in case it pass the 76.00 level we are going to see 78 or even 79.
ACTIVTRADES:BRENT
by ref3at30
1
Brent Crude Oil Price Hits Yearly LowBrent Crude Oil Price Hits Yearly Low Analyzing the oil market on the XBR/USD chart from August 26, when Brent crude was trading around $79 per barrel, we observed the following: → The price was forming a descending channel (shown in red) and approaching its upper boundary, which could act as resistance. → We identified a key support level (shown in yellow). → We suggested that the bulls would need to prove their determination when facing a block of resistance around the $80 level. Since then, Brent crude oil has: → Reversed downward, failing to hold above the $80 level, and continued to decline within the red channel. → Accelerated its decline, breaking through the key support around the $75 level. Bearish sentiment was fueled by OPEC+ plans to increase oil production, signaling a shift away from production cuts aimed at maintaining higher prices. Could Brent Crude Oil Continue to Decline? From a technical analysis perspective, the XBR/USD chart today indicates that supply forces are asserting their dominance, as the price has fallen into the lower half of the red channel, with the RSI indicator entering oversold territory. After a roughly 10% decline in Brent crude oil prices since last Monday, the prospect of an interim upward correction seems plausible. However, given the above, a significant resistance block appears to be around the $74.50 area, where: → The median line of the red channel is located. → The yellow line, which served as support for several months, is likely to act as resistance after being breached. In the worst-case scenario, Brent crude oil could drop to the lower boundary of the channel, approaching the psychological level of $70. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
1
BRENT OIL Rebounds#trading_idea #Crude_Oil_Brent 💡 🛢 Pay Attention To Oil - Big Fall - Looking for an Opportunities Oil drops more than 3% after a media report of a potential end to the Libya dispute. On the 4H chart, the price has fallen to the lows of December 2023. Despite the fact that the MA(20) and MA(100) remain well above, and the Bulls & Bears indicator shows weakness in the bulls, a rebound is possible. The stochastic may be coming out of the oversold zone. Weak manufacturing data from China has strengthened the bears on oil, but it is unlikely that this asset will stay at such low prices for long. 🔼If the price rebounds from the support 73.10, a rise towards resistance 74.97 is possible. 🔽Alternatively, the break down the support 73.10 and slide to 72.80 is likely. 🔷 😎 Choose "👍" if you expect a price rebouns and "👎" if you expect a decline. ➡️GET $20,000 JUST FOR $99
CFI:BRENTLong
by sabiotrade
Overall Bias: Bearish with the potential for a breakdown.Instrument: Brent Crude Oil (UKOIL) Current Price: $73.66 Overall Bias: Bearish with the potential for a breakdown. Key Observations: 1. 12-Month Chart: • Pattern: The chart is forming a Head and Shoulders pattern, which is a classic reversal pattern suggesting a potential significant downturn. • Neckline: The neckline is around the $73.67 level, which is where the current price is hovering. • Target: The measured move from the head and shoulders suggests a potential decline towards $42.00 if the neckline breaks convincingly. • Fibonacci Levels: The 0.236 Fibonacci retracement at $68.20 is the immediate support, with more substantial support around $58.19. • Resistance Levels: Resistance levels are at $84.00 (0.5 Fibonacci retracement) and $94.40 (0.764 Fibonacci retracement). • RSI: The RSI at 59.28 indicates the market is approaching neutral but with a slight bearish bias. 2. 1-Month Chart: • Price Action: The monthly chart shows a downward trajectory after failing to hold above $135.00, with the current price around $73.67. • Support Levels: Immediate support is at $56.42, corresponding with prior lows. • Resistance Levels: Key resistance is at $135.00. • RSI: RSI at 53.66 is neutral but leaning towards bearish territory, with the market potentially heading lower. 3. 1-Week Chart: • Price Action: The weekly chart also reflects a bearish outlook, with a key failure to maintain levels above $121.83. • Support Levels: Key support is around $84.16 (0.236 Fibonacci retracement). • Resistance Levels: The $102.99 level (0.618 Fibonacci retracement) is a critical resistance zone. • RSI: The RSI at 45.51 suggests bearish momentum is gaining strength. • MACD: The MACD shows bearish crossover, signaling the potential for further downside. 4. 1-Day Chart: • Price Action: The daily chart reveals consistent downward pressure with the price breaking below $86.67, now testing the $73.66 level. • Support Levels: $73.66 is the immediate support; if broken, the price could head towards $71.10. • Resistance Levels: Resistance levels are at $82.54 and $86.67. • RSI: The RSI at 44.63 is bearish, indicating continued selling pressure. • MACD: The MACD is showing a bearish crossover, with no signs of reversal yet. 5. 4-Hour Chart: • Price Action: The 4-hour chart shows a clear downtrend with multiple failed attempts to reclaim higher levels. • Support Levels: Immediate support is at $71.10, with potential further downside. • Resistance Levels: Resistance at $79.39 and $86.67. • RSI: RSI at 34.85 is approaching oversold territory, suggesting that while bearish momentum is strong, a temporary bounce could occur. • Volume: Volume indicates increasing selling pressure, which supports the bearish case. 6. 1-Hour Chart: • Price Action: The hourly chart indicates aggressive selling pressure, with the price failing to hold above $91.79 and falling towards $73.66. • Support Levels: Key support is at $73.60. • Resistance Levels: Immediate resistance at $79.39. • RSI: RSI at 24.28 indicates that the market is oversold, so a short-term bounce could be expected, but the overall trend remains bearish. • MACD: The MACD is deep into bearish territory, confirming the downward momentum. 7. 30-Minute Chart: • Price Action: The 30-minute chart shows a steep decline, with no significant support levels being held. • Support Levels: The $73.80 level is being tested as a key support. • Resistance Levels: Resistance at $78.28 and $82.67. • RSI: RSI at 26.86 is deeply oversold, indicating a potential for a brief relief rally, but the larger trend remains bearish. • MACD: The MACD is in strong bearish territory, reinforcing the likelihood of continued downside pressure. Strategy Recommendation: Primary Bias: Bearish • Short Entry: Consider shorting if the price breaks and holds below $73.60 with a target towards $71.10 and potentially lower to $68.20. • Take-Profit Levels: • First Target: $71.10 (immediate support). • Second Target: $68.20 (0.236 Fibonacci retracement level on the 12M chart). • Third Target: $61.73 (longer-term support). • Stop-Loss: Place a stop-loss above $79.39 to protect against a bullish reversal. Alternative Scenario: • Long Play: If the market holds above $73.66 and shows signs of strength, consider a speculative long with a target of $82.67. • Long Entry: Enter above $78.28 with a stop-loss below $73.60. • Profit Target: $82.67, with a stretch target at $86.67 if bullish momentum resumes. Risk Management: • Position Sizing: Use conservative position sizing due to the high volatility in oil prices, risking no more than 0.5% to 1% of capital per trade. • Adjust Stops: Consider using a trailing stop to lock in profits as the trade moves in favor. Conclusion: The Brent Crude Oil market is showing significant bearish signals across multiple timeframes, particularly with the Head and Shoulders pattern on the 12-month chart. Short positions are favored, especially if the price breaks below the critical support at $73.60. However, traders should be aware of the potential for a short-term bounce due to oversold conditions on lower timeframes. Conservative risk management and close monitoring of price action are crucial in this volatile market environment.
TVC:UKOIL
by stonaola1
2
Global Oil Analysis by the Mallicast Team:Following the recent decline and negative price movements in the global oil market, the price of oil has approached a key liquidity zone. The Mallicast analytical team, through careful examination of price charts and market behavior, has concluded that this area could act as a significant support level and potentially correct the current downward trend. As the price reaches this liquidity zone, there is a likelihood of a rebound, especially if both fundamental and technical factors support this recovery. Investors should pay closer attention to the upcoming market movements, as any changes in market conditions could provide new opportunities for entering trades or adjusting trading strategies.
FX:UKOILSPOTLong
by mallicast