2022-12-16 • Updated
Oil is edging higher due to the overall risk-on sentiment and a weaker US dollar, despite rising cases in India. India is one of the main oil importers, and it continues to report more than 300 000 infections every day. This year, oil has been boosted by the vaccine rollout, but some local coronavirus outbreaks and concerns over inflation limited its gains.
Besides, OPEC on Tuesday gave a strong outlook on the global recovery in oil demand in 2021 due to the growth in China and the United States, which OPEC believes outweighs the coronavirus crisis in India. As a result, the OPEC members have decided to gradually ease oil production cuts.
Let’s discuss oil on the example of UK Brent oil (XBR/USD). The asset has been moving inside the ascending channel since late March. Pay attention to how the price has reversed up from the lower trend line: over and over again. Thus, this level acts as strong support for oil, and as we expected it has bounced off it today again. The way up to $70.00 a barrel is clear now. It’s a psychological mark, which oil is likely to struggle to cross on the first try. However, sooner or later it may cross it as well and rally up further and even beat this year’s high of $71.00. In the opposite scenario, the move below the 50-day moving average of $65.60 will press oil down to a late April low of $64.00.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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