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Tuesday, 14 February 2017 08:08

Brent in Trading Range the Last 11 Weeks

Published in Commodites & Metals

The Brent Crude Oil plummeted more than 2% on Monday and is moving slightly above the 50-daily SMA. The oil is trading within a sideways channel that is holding over the last 11 weeks. The boundaries are the $57.60 to the upside and the $53.80 to the downside.

However, on a long-term basis, the Brent is developing in an ascending move since April 2016 and if the price has a rally to the upside, we would expect an extension towards the $58.50 barrier, a level tested on January 3rd. A failure to retest the latter level should prompt a drop towards the $53.80 or lower at 100-daily SMA near $52.75. Technical indicators are holding in the bullish path but both are falling to their neutral areas. RSI is dropping and MACD is moving below its trigger line.


Published in Daily Market Report

Monday was quiet, however, today’s economic calendar promises to keep the traders’ interest undiminished. The highlight event of the day will be the Fed Chairwoman Janet Yellen’s semi-annual testimony on the economy and the monetary policy. Moreover, major economies will release their GDP, CPI and retail sales reports.

Wednesday, 08 February 2017 10:09

Brent is Still Trading in a Sideways Area

Published in Commodites & Metals

On a long-term timeframe, Brent Crude Oil is establishing an ascending move since April and surged more than 3% since January. On the weekly chart, the price lost all of its gains in the previous week and during this week edged even lower sharply.

The British Oil, in a short-term basis, is consolidating within a sideways channel with upper boundary the $57.60 resistance level and lower boundary the $53.80 support level. Over yesterday’s session, the price slipped below the 50-daily SMA and is approaching again the latter support barrier. If there is a break below it, the price will probably fall until the $50.85 handle but there is an obstacle until that level, the 100-daily SMA which must challenge. Technical indicators are moving lower as both fell from the overbought area. RSI plunged into the negative territory while MACD dropped below its trigger line.


Friday, 27 January 2017 09:01

Brent is Consolidating in Sideways Channel

Published in Commodites & Metals

The Brent Crude Oil is establishing within an ascending move since April and it surged almost 40%. The oil price tried to test the rising trend line several times while over the last two months is developing well above it within a sideways channel with upper boundary the $57.60 resistance level and lower boundary the $53.80 support barrier which coincides with the 50-daily SMA.

Currently, the price is moving towards the $57.60 price level or moreover until the previous fresh high at $58.50 resistance barrier. On the other hand, a break below the lower band and the 23.6% Fibonacci retracement level (April 2016 low – January 2017 high) of the last big move will slip the price to 100-daily SMA. The MACD oscillator is moving slightly higher as it is in the process for a bullish crossover its trigger line while the RSI indicator is sloping upwards.


Monday, 16 January 2017 10:15

Brent is Approaching the JFD Pivot Point

Published in Commodites & Metals

The Brent Crude Oil is establishing within an ascending move since April as it surged almost 40%. The oil price tried to test the rising trend line several times while now is trading well above it. The price hit a fresh high at $58.50 while it rebounded on it and now is trading lower near $55.70.

The crude oil is moving towards the $53.80 support barrier which overlaps with the first support level of the weekly pivot points, as it failed to test again the aforementioned new high. Additionally, a break below the latter level will drive the price at the 50-daily SMA which is near the second support of the pivot points. On the daily chart, technical indicators are biased lower after entering the negative territory. The MACD oscillator is falling while it is moving below the zero line with some weak momentum. The RSI indicator is sloping downwards whilst it is still holding above the negative zone.


Published in Daily Market Report

The forex market yesterday experienced its most volatile day of the week due to the U.S. data came out. The greenback shored up against all the G10 currencies, as well as the shared currency, while the sterling plunged against its major peers due to the uncertainty that exists over Brexit.

Monday, 19 December 2016 09:53

Brent Recorded a New 17-Month High

Published in Commodites & Metals

The Brent Crude Oil is moving higher, more than 14% so far the last two months, as well as it is recording the second positive month in a row. The oil is moving within an ascending move over the five months and during the previous week, it created a fresh 17-month high at $57.60.

The daily chart shows that the price is now moving well above the three SMAs (50-SMA, 100-SMA and 200-SMA) between the $47.00 and $53.50 barriers. The technical indicators are sloping upwards and they are moving above its mid-levels. The RSI indicator lies above the 50 level and is approaching the 70 barrier while the MACD oscillator is moving near its trigger line. For now, we would expect the pressure to remain to the upside as the technical structure suggests further upside movement until the latter level as the price moving near the $56.00 price level.


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