What affects oil price? Oil is one of the most important assets, which presents the whole economic situation in the world…
Brent: OPEC+ Might Intervene
2021-10-29 • Updated
What will happen?
Brent's price fell after a less than expected oil crude inventories report. Usually, the less expected report pushes the price higher, but this time everything went the opposite way.
It might be the signal of investors’ growing concerns about the OPEC+ upcoming conference, where oil global supply might be increased. Earlier, the CEO of Saudi Aramco called for a supply increase, since global oil inventories decrease too fast. From his point of view, if OPEC+ will not change its policy, it might lead to the continuation of the global energy crisis. In this case, XBR/USD will explode and reach $100 shortly.
On the 4H chart, Brent fell under the 100-period moving average. At the moment it is consolidating between $81.7 and $83.3. Locally, it looks oversold according to the RSI, that’s why we can see a pullback up to $84.2 first. The main resistance will be the 50-period moving average, which has been holding the price since the middle of September 2021. If XBR/USD breaks through this resistance, it might rise as high as $85,6 again. Otherwise, if it gets rejected, it will be another proof of a downtrend beginning. The main targets for the down movement are $81.7 and $79.5.
On the weekly chart, the situation which happens in 2018 repeats. The price drew 3 highs with the RSI divergence just as it did in the previous time. Later, after that pattern appeared, the price has been falling for 7 weeks straight. OPEC+ conference on August 4 will answer the question: “can technical analysis predict the future?”
For the last several weeks gas was skyrocketing at an enormous pace. It has gained more than 17% from August 18. What is the reason for such moves?
A combo of strong demand and poor supply has sent oil prices to the high unseen since 2018. Gas is at record highs as well.
USD/TRY belongs to the exotic group of Forex currency pairs, that’s why traders don’t trade it regularly. However, these days this pair is in the focus of all the trading community!
Some cryptocurrencies, like Bitcoin or Ethereum, are useful and bring real value to the world.
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