2019-12-05 • Updated
Trade ideas
SELL 62.50; TP1 62.00; TP2 61.30; SL 62.70
BUY 63.75; TP 64.25; SL 63.60
The meeting of oil exporting countries will provide the fundamental reasons for the commodity’s price to make big moves. Technically, Brent made a big advance yesterday rising from the support of the 100- and 50-day MAs in the 61.25 area. The price is currently trading below yesterday’s high of 63.50. If the positive news push oil above this area, it will have the scope to rise to 64.40 (200-day MA). The further resistance will be quite far away – at 66.00 (resistance line connecting 2019 highs), but to get the breakout of the moving average should be confirmed. On the downside, the slide below the 100-period MA on the H4 will open the way down for a decline to 61.95 (200-peiod MA on H4) and 61.25 (daily MAs).
To trade Brent with FBS you need to choose BRN-20G in MT4.
Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
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Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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