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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.


Wednesday, 09 November 2016 10:22

Will Brent Test the 23.6% Fibo Level?

Published in Commodites & Metals

Brent crude oil plunged 193 points during the U.S. voting overnight. The oil is moving in a downward move since October following the strong rebound on the $54.00 psychological resistance level, however, now may start a correction to the upside. Currently, the price is in the process of recovering its losses and is trading near the $46.47 price level. Moreover, the 23.6% Fibonacci retracement level (high October 10 and low November 9) is a strong resistance level for the bears and the price seems ready to test it in the next few hours. A penetration of the latter level it will open the door for the $48.50 barrier which is slightly above the 38.2% Fibonacci level.

Technical indicators seem to be in agreement with the bullish thought since both are rising. The RSI indicator is approaching the 50 level with strong momentum while the MACD indicator holds above its trigger line.


Tuesday, 06 September 2016 07:04

Brent Crude Oil: Target Locked at $48.90

Published in Commodites & Metals

The Brent Crude Oil is still looking much more bullish, following the aggressive pullback from the $45.40 support level. The oil is creating the third consecutive positive day and surged more than 2.3% during yesterday’s session. The price surpassed above the 200-SMA while is currently trading slightly below the 100-SMA and 50-SMA on the 4-hour chart. On our yesterday’s session, we suggested an entry level above the $47.30 barrier and a target at $48.90 resistance level. The price reached our mentioned target and challenged the $49.46 resistance level (see technical analysis here: Technical indicators are endorsing the bullish tone since are rising the last couple of days. The MACD oscillator holds in a neutral area while the RSI indicator is following a positive path.


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