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Brent Crude Oil Technical Analysis - Brent Crude Oil Trading: 2023-04-04
Brent Crude Technical Analysis Summary
Above 85
Buy Stop
Below 70
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
Brent Crude Chart Analysis
Brent Crude Technical Analysis
On the daily timeframe, BRENT: D1 approached the upper border of the descending channel. It must be broken up before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if BRENT: D1 rises above its most recent high of 85. This level can be used as an entry point. Initial risk cap possible below the Parabolic signal, the low since December 2021 and the last 2 down fractals: 70 (or only at the level of the Parabolic signal: 73). After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (70) without activating the order (85), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Commodities - Brent Crude
OPEC+ announced a cut in oil production. Will BRENT quotes continue to rise?
On Sunday, April 2, OPEC+ decided on an additional, voluntary production cut of 1.66 million bpd. This brings the total reduction to 3.66 million bpd. Since OPEC + has already reduced production since November last year by 2 million bpd. For now, the current cut of 1.66 million bpd is expected to run from May until the end of 2023. The main purpose of these events is to increase world oil prices in order to ensure the flow of investment in the oil industry. In February of this year, Haitham Al-Ghais, head of the Organization of Petroleum Exporting Countries, expressed an opinion on the need for annual investments in world oil production in the amount of $500 billion until 2045.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
