Comprehensive Brent Oil for November 9, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BRENT OIL for 9th November 2023. 

Key Takeaways 

• Global economic downturn: The overseas economic recovery is less than expected. For example, the U.S. unemployment rate has exceeded expectations in the past two months, and the new orders index has accelerated its contraction. This has led to doubts about the future demand for crude oil, and oil prices have followed the trend to chart the gains driven by early risk aversion. 
• The balance between S/D supports oil prices: The overall supply side of crude oil has not yet shown signs of tightening. In the long term, the supply and demand pattern is relatively loose, but in the short term there may be production cuts on the supply side, and there may be some support for prices. 

Brent Oil Technical Analysis

Brent Oil Daily Chart Insights

• Stochastic Oscillator: The indicator has entered the oversold range, and the selling pressure is serious. You need to be alert to the coming of a short-term intraday rebound in the market. 
• Moving average: After the 5-day moving average completely fell below the 200-day moving average, the market did not show an effective rebound structure, and the two consecutive days of decline may take some time to correct. The rebound target price is looking towards the 5-day moving average. 
• Downward channel line: Since crude oil began to fall on September 27, the overall market trend has formed a downward channel line. Yesterday’s decline touched the lower edge of the channel line, and there is a certain probability of a rebound in the short term. 

Brent Oil 1-hour Chart Analysis

• Stochastic oscillator: The indicator has sent a long signal, and oil prices have a certain rebound momentum. However, oil prices cannot rebound lightly until they break through the 81.316 level. 
• Price Action: Oil prices are currently in a strong downward trend, and you cannot arbitrarily choose to enter the market at the bottom. Although the current indicators are suggesting that a rebound is imminent, we need to wait for a clear bullish structure before making a correction. 

Ultima Markets MT4 Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 81.178, 
• Bullish Scenario: Bullish sentiment prevails above 81.178, first target 82.268, second target 83.852; 
• Bearish Outlook: In a bearish scenario below 81.178, first target 79.594, second target 78.519. 

Bottom Line

Comprehensive Brent Oil for November 3, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Brent Oil (UKOUSD) for 3rd November 2023.

Key Takeaways 

• Russian supply increases: Tanker tracking data monitored by foreign media show that Russia’s seaborne crude oil exports have been exceeding the country’s export target as part of the OPEC+ agreement for several weeks. Observed exports in the most recent week were 360,000 barrels per day above target exports. In the most recent period, four-week average daily exports were nearly 200,000 barrels per day above that level.
• The impact of the Israeli-Palestinian conflict is gradually weakening: Traders are still worried that something will cause the conflict to spread beyond Israel and its immediate neighbors. But that influence has steadily waned, even after Israel began its ground offensive in Gaza. 

Brent Oil Technical Analysis 

Brent Oil Daily Chart Insights

• Stochastic Oscillator: The fast line is about to cross the slow line, suggesting that the current bullish power may have the upper hand. However, we are still temporarily bearish until there is a clear signal. 
• Price Action: After oil prices showed a pin bar on Wednesday, the closing line showed a typical harami price action yesterday. If it breaks through the high point of the pin bar today, the bulls will clearly have the upper hand, and the market may reverse upward. 
• Moving average: The black 65-day moving average and the green 240-day moving average form a rectangular range. A breakthrough in any direction of the range may be the next trend direction. 

Brent Oil 1-Hour Chart Analysis

• Support and resistance price: The current resistance of oil price is a repeatedly verified downward trend line, and the bottom is the black 65-period moving average potential support level. 
• Fibonacci retracement level: Since the internal structure of yesterday’s upward trend is a complete 5-wave structure, it is temporarily judged to be a driving wave. Wait for the market to fall back to the Fibonacci retracement level of 38.2% to observe whether there is a signal to continue to rise.  
• Stochastic Oscillator: It is worth noting that the indicator is currently seriously overbought, and there is a certain probability of a correction during the Asian session. 

Ultima Markets MT4 Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 87.361, 
• Bullish Scenario: Bullish sentiment prevails above 87.361, first target is 89.077, second target is 89.769. 
• Bearish Outlook: In a bearish scenario below 87.361, first target 86.688, second target 84.991. 

Conclusion 

Comprehensive Brent Oil Analysis for October 12, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Brent Oil (UKOUSD) for 12th October 2023. 

Key Takeaways 

• Dovish speeches : Federal Reserve Board Governor Waller and Atlanta Fed President Bostic have continued their recent dovish stances. The market is betting that the probability of raising interest rates in November is less than 9%. 
• The reduction agreement may be extended: Putin said that the OPEC+ (production reduction) agreement is likely to be extended, and further measures may be taken next year to stabilize the market. 
• API inventories surge: U.S. API crude oil inventories increased by nearly 13 million barrels last week, the largest increase since January. As supply concerns subside and API crude oil inventories increase significantly, U.S. and Brent oil prices fell in the short term. 

Technical Analysis In Brent Oil Trading Chart

Brent Oil Daily Chart Insights

• Stochastic Oscillator: The indicator has a downward trend today, but it has not yet clearly formed a “dead cross”. We need to wait for confirmation of today’s oil price trend. 
• Price Action:  The price gap below is a common potential support price. The market will have a certain probability of rebounding and rising. 
• Moving average: The price that jumped in the early stage fell after being blocked by the 33-day moving average, and the first target below is the 240-day moving average. This price overlaps with the price gap, so the decline today is temporarily judged as an adjustment.  On the contrary, only after falling below the low price of October 6 can it be confirmed that crude oil prices will continue to follow a long-term short trend.

Brent Oil 1-Hour Chart Analysis

• Fibonacci price: Temporarily judge that the current downward trend is the adjustment structure of the previous upward trend. It can be seen from the Fibonacci retracement line (black) and Fibonacci extension level (red) that it has reached 61.8. % callback and 100% proportional expansion position, the market has a certain probability of support. If it continues to break down, the market will look toward the 78.6% correction and 138.2% proportional expansion. 
• Stochastic Oscillator: The indicator went down again during today’s Asian trading session. Wait for the “golden cross” to appear in the oversold area to confirm the arrival of the bull trend. 

Brent Oil Pivot Indicator

According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 87.055, 

• Bullish Scenario: Bullish sentiment prevails above 87.055, first target is 87.978, second target is 89.880. 
• Bearish Outlook: In a bearish scenario below 87.055, first target 85.152, second target 84.229. 

Conclusion for Brent Oil Analysis

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