2024-02-21 • Updated
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying opportunities are anticipated in a market with declining supply. Traders are also watching for potential economic stimulus from central bank rate cuts, which could lift commodity prices, especially oil. While the oil market is a key indicator of global economic health, its volatility remains a challenge. Overall, there's a bullish sentiment, albeit with lingering challenges.
Brent (XBRUSD) on the daily timeframe has just been rejected off the rally-base-drop supply zone, which is in alignment with the trendline resistance, and the bearish array of the moving averages, as well as the 100-day moving average resistance. In light of these confluences, I will be expecting a continuation of the bearish movement with a target at the confluence of the 50-day moving average and the trendline support.
Analyst’s Expectations:
Direction: Bearish
Target: $79.13
Invalidation: $83.60
XTIUSD (USOIL) has recently reacted to the bearish pressure from the rally-base-drop supply zone around the 88% Fibonacci retracement level. In light of this, I perceive that price could slide further down till it reaches the trendline support, before we get to see a possible continuation of the bullish pressure.
Analyst’s Expectations:
Direction: Bearish
Target: $73.83
Invalidation: $79.65
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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