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Brent Crude Oil Technical Analysis - Brent Crude Oil Trading: 2023-05-10
Brent Crude Technical Analysis Summary
Above 77,5
Buy Stop
Below 69,5
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| 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 was unable to update the March low and is moving towards the upper boundary of the descending channel. Several technical analysis indicators have formed signals for further increase. We do not exclude a bullish movement if BRENT: D1 rises above the last maximum of 77.5. This level can be used as an entry point. The initial risk limit may be below the Parabolic signal, the last lower fractal and the minimum from December 2021: 69.5. After opening a pending order, we move the stop along with the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making the deal can switch to the four-hour chart and set a stop loss, moving it in the direction of movement. If the price exceeds the stop level (69.5) without activating the order (77.5), it is recommended to delete the order: internal changes are taking place in the market that were not taken into account.
Fundamental Analysis of Commodities - Brent Crude
US oil inventories may decline for the fourth consecutive time. Will the BRENT quotes rise?
According to forecasts from the independent American Petroleum Institute, US oil inventories may decline for the fourth consecutive week. The data will be released late on May 9. Support for the quotes may be provided by a fire in the Canadian province of Alberta, which temporarily reduced oil production in Canada by 140,000 barrels per day (bpd). According to the China Ministry of Culture and Tourism, during the 5-day Golden Week holiday, the number of tourists in China in 2023 reached 274 million people. This is 17% more than in 2019 (before the COVID-19 pandemic) and 71% more than in 2022. The activation of tourism may increase demand for transportation fuel. The India Ministry of Petroleum and Natural Gas reported an increase in oil imports in March 2023 by 7.9% year-on-year to 20.5 million tones.
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