Brent is under pressure

Brent is under pressure

2019-11-11 • Updated

Trade ideas

SELL 60.80; TP 60.00; SL 61.00

BUY 61.90; TP 62.80; SL 61.70

Brent oil closed last week below the 100-week MA at 61.86 for the first time since 2018. On D1, the price formed a candlestick with a long upper wick - a sign that bulls didn’t manage to make it close at the day’s high. 

There are two contrasting factors that influence oil right now. On the one hand, a tweet from the US President Donald Trump that he would impose a new tariff of 10% on the remaining $300 billion of goods and products coming from China pulls the price of the commodity down. On the other hand, geopolitical tensions in the Middle East make oil appreciate. So far, it seems that the first factor is more powerful. As a result, Brent is likely to test at least the 60.00/59.70 area (psychological level, support line, 61.8% Fibo of the 2018-2019 advance). A break below 59.00 will lead to a bigger decline with targets at 57.50 and 55.50. 

The advance above 61.86 is needed to warrant an increase to 62.80 (50% Fibo) and 63.80 (50-day MA).

Notice that to trade Brent, you need to choose BRN-19V in your MetaTrader.

Brent.png

Similar

New UK Prime Minister is to Freeze Gas Bills
New UK Prime Minister is to Freeze Gas Bills

After the resignation of Boris Johnson in July 2021, the conservative party was preparing for an election. With 57.4% of the vote, Liz Truss will be the new UK Prime Minister (PM) for the next two years. She is about to change a lot, and we are about to tell you everything you need to know.

Latest news

Will USDJPY slide lower in 2023?
Will USDJPY slide lower in 2023?

Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?

BoC Rates Could Alter The Trend on USDCAD and others
BoC Rates Could Alter The Trend on USDCAD and others

Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.

MSFT faces gloomy forecasts ahead of earnings report
MSFT faces gloomy forecasts ahead of earnings report

In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera