Demand for crude oil is expected to rise after a cold wave hit USA, which will likely increase the demand for oil distillates, easing of the COVID measures in China and US crude oil inventories coming up less than the analysts have had expected.
British crude oil benchmark, BRENT, had broken the resistance of the triangle pattern, a strong bullish predictor, and...
Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our sell entry at 102.07 in line with 78.6% Fibonacci retracement towards our Take profit at 95.48 in line with 78.6% Fibonacci Projection . Prices are trading below our ichimoku cloud resistance and RSI is on bearish momentum, further supporting our bearish...
Finally breaking more than a decade long downtrend line, with a closing candle over the line, a good sign; a pull back could happen and then it could continue its upward trend; after pull back, it could be an amazing buy position.
This analysis will be updated.
DYOR
After 13 years, the monthly downtrend is finally broken, currently facing pitchfork middle line resistance, breaking it means a good buy position.
This analysis will be updated.
DYOR
Brent Crude Oil has been dominated by the bears due to the weak fundamentals and oversupply, demand constraint and insufficient OPEC+ agreement. Brent price dipped again after a short euphoria on the OPEC+ agreement reflecting conflicting vision on traders and investors. Having said that, the Technical Analysis reflects the market is re-testing the lower 20s range...
