Besides US Retail Sales data, Australian Unemployment Rate and New Zealand GDP this week will bring us Quadruple Witching – one of the four most important days of a year for futures and options!
Brent: Future is Still Sunny
2021-07-23 • Updated
Brent returned to the rising channel on Wednesday by gaining 4% during the trading session. Investors are still looking towards risk assets despite data showing an unexpected rise in US oil inventories.
The fall was caused by the deal between members of the Organization of Petroleum Exporting Countries and allies, known as OPEC. The organization decided to raise supply by 400,000 barrels a day from August to December 2021. Investors were also scared about the new COVID Delta strain.
Oil price keeps growing, despite the fact that the US crude stockpiles went up for the first time since May. Investors are positive about the future as they are sure that the demand will exceed supply during 2021.
At the moment, the price is trying to break $73.3 resistance. It is an intersection of 100 and 200 period moving averages, also it is 23.6 Fibonacci level. On the RSI oscillator, the downtrend has been broken, which means bulls still have enough power to push Brent higher.
In the short term: If the price breaks $73.3 resistance, it will shortly reach the 74-74.5$ range. Otherwise, it might test the 50-period moving average at the level of 72.3 before the upcoming raise.
In the long-term: As the price breaks the $73.3 resistance level, it will head towards the top line of the rising channel with a target range between $77.3-$77.7.
Don't know how to trade Brent? Here are some simple steps.
- First of all, be sure you’ve downloaded FBS Trader app or Metatrader 5. FBS allows you to trade stocks only through this software.
- Open an account in FBS Trader or the MT5 account in your personal area.
- Start trading!
Bitcoin At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data…
EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
US stock market corrects, gold recovers and the crypto market drops hard! Best trade opportunities during this week in the article! Let’s check the charts and set some goals! NASDAQ (US100) US100 index plunges as the US dollar strengthens…
The US broad-market index, S&P 500, has been pressed below the 50-day moving average for the first time since March! Why?
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.