Will Brent Oil Find Support?

Brent started the last quarter of the year by breaking out of the range it was in during September and got as far as $54 before hitting our supply zone.

Brent starts October by breaking out of the range

Brent starts October by breaking out of the range

It is currently retesting the breakout zone (where old highs become new lows perhaps) and a broken trend line. This area is near the 61.8 fib of the move up over the last week or so.

Brent Oil is retesting the break out zone and previous supply

Brent Oil is retesting the break out zone and previous supply

Oil prices have come off the their highs from last week – likely on profit taking amounts speculators and bearish sentiment from China and comments from the International Energy Agency who forecast an oversupply thanks to slowing demand.

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Whichever way you think Oil may go you can play it risk free with SparkProfit.

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Things Could Get Choppy Towards The End of the Week

All eyes are on the Non-Farm Payroll announcement due out at the end of this week. The Non-Farm Payroll (NFP) is historically the largest market moving event on a trader’s calendar; NFP is released by the US Department of Labour each month and represents the number of people on the payroll of non-agricultural business. Market participants will be keeping a close eye on these numbers in order to gauge whether the Fed will start to consider a rate hike should the number have improved.

This week also marks the end of the third quarter which could mean we may see some squaring and re-positioning going into October.

It could be very volatile for the remainder of the week! The notable events to keep an eye on for the rest of the week include:

  • AUD
    • Retail Sales – 1:30AM GMT Fri 2 Oct
  • USD
    • ADP Employment Change – 12:15PM GMT Wed 30 Sept
    • Fed Chair Yellen Speaks – 7:00PM GMT Wed 30 Sept
    • Non-Farm Payroll – 12:30PM GMT Fri 2 Oct
  • GBP
    • Manufacturing PMI – 8:30AM GMT Thu 1 Oct
    • Construction PMI – 8:30AM GMT Fri 2 Sept
  • JPY
    • Manufacturing Index – 11:50PM GMT Thu 1 Oct

 

Brent Oil: the $47 level is key

Brent has been in a sideways range for most of September with price capped at $50.20 and $47.

Brent in a range for September

Brent in a range for September

Right now, the best trading plays are at the edges of price structure. Any volatility and breaks out of the range may give some opportunities on retests of the broken levels.

S and P Futures: Broken support level

The S and P futures broke through September’s lows and looks like it is retesting that support level from the underside. There is an ABCD pattern in play which completes at 1835.

S and P breaks support

S and P breaks support

EURUSD: Sellers at the highs?

This could be a volatile week for the USD pairs in FX. EURUSD has been range bound for the last week; a stop run at the highs on any volatile moves and we could see some supply come into this market.

Supply at the highs?

Supply at the highs?

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Whichever way you think these markets may go you can play them risk free with SparkProfit.

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Snap a Photo For Us and Bag Yourself 250,000 Points

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We are looking for photos of real people having fun playing on their phone. It can be a really simple photo like the example above – it should only take a few minutes to snap off a photo using your phone.

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1.120 The Line In The Sand For EURUSD?

An interesting symetical pattern is forming on the EURUSD.

1.120 the line in the sand for euro

1.120 the line in the sand for euro

  • The 1.120 level has provided support and resistance recently; we may get some play around this level.
  • There is potentially a right shoulder and symmetry if resitance can hold price a this level. This may attract the shorts.
  • If this level fails, the bulls may have the ball to the next supply zone at about 1.1275 and then 1.1375

What Does The Crowd Think

Out sentiment index is demonstrating a slighly bullish consensus amoungst our players.

Spark Profit players are net long this market

Spark Profit players are net long this market

No Risk With SparkProfit

Which ever way you think EURUSD is going to go, you can play it risk free with SparkProfit.

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Some Inflection Levels On EURUSD

Risk is on tap this week for the EURUSD with the interest rate decision and ECB conferance today and non farm payroll at the end of the week.

Symmetrical pattern if 1.1075 holds

Symmetrical pattern if 1.1075 holds

A couple of interesting levels on the chart above:

  • The 161 ABCD has held at just under 1.12 – we may see some selling here again – look out for stop runs and a double top forming.
  • If the 1.1075 level holds and we break to new highs, the symmetrical pattern completes at 1.1250 – there could be some supply here.

What do our players think?

The SparkProfit sentiment indicator, although net bullish, is looking very close to flipping to being short this pair.

What our players think

Our players are net long for now.

No Risk With SparkProfit

Which ever way you think EURUSD is going to go, you can play it risk free with SparkProfit.

Please note our disclaimer on all of this.

More Rewards For Supporters

Your supporters make you money - even when you do nothing

Your supporters make you money – even when you do nothing

We have just increased the weekly prize pot and we will continue to do so as you grow your supporters. All limits are off! From now on, as the number of invited players grow, so too will the pot size.

This week we have increased the pot from $2500 to $2800.

Its far easier to earn cash each week with Spark Profit when you have supporters. On average, our players with active supporters earn more then those who have not invited others to be their supporters.

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We will increase the pot each week as the number of supporters grow and we will pay you the equivalent of 10% of your supporters earnings (from our pocket, not theirs. It’s totally on us!). This means you can receive cash each week by just inviting other people to play Spark Profit!

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Its easy to invite your friends and followers.

Its easy to invite your friends and followers.

Some Potential Buy Zones On Brent Oil

We may have an intermediate high in on Brent Oil with an ABCD pattern completing around $69.50. It looks like the bears may have the ball for now. We can see a small channel forming and three lower highs as the bulls failed to take the highs.

That being said, there are a couple of interesting demand levels emerging which may attract some buying.

Demand Zones On Brent Oil

Demand Zones On Brent Oil

  • There is the 100% extension completing into previous highs from mid February at $63. Nearby, the price action indicate that we have had  demand at this level. This price will likely provide some support and buying interest
  • The 161% extension completes at $59.50. The equidistant swing matching the move from the highs of mid February to the lows at the mid of March also complete at this point.

In SparkProfit, the sentiment as measured by the consensus of the crowd, is bullish on Oil presently.

The Crowd Are Bullish On Oil

The Crowd Are Bullish On Oil

No Risk With SparkProfit

Which ever way you think Oil is going to go, you can play it risk free with SparkProfit.

Please note our disclaimer on all of this.