EUR/USD trades just north of 1.17
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo…
Brent: Future is Still Sunny
Information is not investment advice
What happened?
Brent returned to the rising channel on Wednesday by gaining 4% during the trading session. Investors are still looking towards risk assets despite data showing an unexpected rise in US oil inventories.
The fall was caused by the deal between members of the Organization of Petroleum Exporting Countries and allies, known as OPEC. The organization decided to raise supply by 400,000 barrels a day from August to December 2021. Investors were also scared about the new COVID Delta strain.
Oil price keeps growing, despite the fact that the US crude stockpiles went up for the first time since May. Investors are positive about the future as they are sure that the demand will exceed supply during 2021.
Technical analyses
4H Chart
At the moment, the price is trying to break $73.3 resistance. It is an intersection of 100 and 200 period moving averages, also it is 23.6 Fibonacci level. On the RSI oscillator, the downtrend has been broken, which means bulls still have enough power to push Brent higher.
In the short term: If the price breaks $73.3 resistance, it will shortly reach the 74-74.5$ range. Otherwise, it might test the 50-period moving average at the level of 72.3 before the upcoming raise.
In the long-term: As the price breaks the $73.3 resistance level, it will head towards the top line of the rising channel with a target range between $77.3-$77.7.
Kirill Belyaev
Similar
How Will Tapering Affect FAANG Stocks?
Investors in popular FAANG stocks have enjoyed a great run over the last year as a combination of super-low interest rates from the Federal Reserve and high growth from the individual tech companies has made an easy bull case…
S&P500, Dow and NASDAQ all up 1%
Ichimoku Kinko Hyo AUD/JPY: The AUD/JPY pair is now testing the previous top…
Popular
Gas and Oil Are at Record Highs
A combo of strong demand and poor supply has sent oil prices to the high unseen since 2018. Gas is at record highs as well.
EUR/USD trades just north of 1.17
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now testing the upper level of the Kumo…
Carnival is Leaving the Dock!
On Thursday, September 23, shares of Carnival had jumped a solid 3% after the cruise line announced it is on track to have 50% of its fleet sailing again by October, and 65% by the end of the year. So what? Read the article to find out!
Choose your payment system
