Brent Crude Oil: prices consolidate
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on Brent Crude Oil for a better understanding of the current market situation and more efficient trading.
Current trend
Today, during the Asian session, oil prices show an ambiguous dynamic, consolidating near the level of $40. Yesterday, the instrument returned to decline after a short corrective growth on Wednesday, responding to the publication of statistics on oil and oil products reserves. According to a report from the US Department of Energy, the figure for the week of September 4 unexpectedly rose by 2.032M barrels after falling by 9.362M barrels in the previous period. Analysts had expected negative dynamics to remain at –1.335M barrels. The volume of oil production in the US rose to 10M barrels per day against 9.7M barrels per day in the previous reporting week. At the same time, the Ministry of Energy also lowered its own forecast for oil demand in 2020 to 8.32M barrels per day.
On Friday, also to publications on US consumer inflation, investors wait for the release of Baker Hughes' report on active oil platforms.
Support and resistance
On the daily chart, Bollinger Bands moderately decline. The price range actively expands from below, letting the “bears” renew local lows. MACD falls, maintaining a relatively strong sell signal (the histogram is below the signal line). Stochastic has been near its lows for a long time, signaling that the instrument is oversold in the super short term.
It is better to wait until the situation on the market becomes clear to open new trading positions.
Resistance levels: 40.00, 40.89, 41.50, 42.32.
Support levels: 39.00, 38.50, 38.00.
Trading tips
Long positions may be opened after the breakout of 40.89 with the target at 42.32. Stop loss – 40.00. Implementation period: 2–3 days.
Short positions may be opened after the breakdown of 39.00 with the target at 38.00. Stop loss – 39.60. Implementation period: 1–2 days.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling Brent Crude Oil now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on Brent Crude Oil and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on Brent Crude Oil for a better understanding of the current market situation and more efficient trading.
Current trend
Today, during the Asian session, oil prices show an ambiguous dynamic, consolidating near the level of $40. Yesterday, the instrument returned to decline after a short corrective growth on Wednesday, responding to the publication of statistics on oil and oil products reserves. According to a report from the US Department of Energy, the figure for the week of September 4 unexpectedly rose by 2.032M barrels after falling by 9.362M barrels in the previous period. Analysts had expected negative dynamics to remain at –1.335M barrels. The volume of oil production in the US rose to 10M barrels per day against 9.7M barrels per day in the previous reporting week. At the same time, the Ministry of Energy also lowered its own forecast for oil demand in 2020 to 8.32M barrels per day.
On Friday, also to publications on US consumer inflation, investors wait for the release of Baker Hughes' report on active oil platforms.
Support and resistance
On the daily chart, Bollinger Bands moderately decline. The price range actively expands from below, letting the “bears” renew local lows. MACD falls, maintaining a relatively strong sell signal (the histogram is below the signal line). Stochastic has been near its lows for a long time, signaling that the instrument is oversold in the super short term.
It is better to wait until the situation on the market becomes clear to open new trading positions.
Resistance levels: 40.00, 40.89, 41.50, 42.32.
Support levels: 39.00, 38.50, 38.00.
Trading tips
Long positions may be opened after the breakout of 40.89 with the target at 42.32. Stop loss – 40.00. Implementation period: 2–3 days.
Short positions may be opened after the breakdown of 39.00 with the target at 38.00. Stop loss – 39.60. Implementation period: 1–2 days.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling Brent Crude Oil now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on Brent Crude Oil and trade efficiently with NPBFX.