Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
Brent: Global Overview
Information is not investment advice
This week began with several positive news which made investors feel confident about future global economic recovery.
China's apparent success in fighting the Delta variant of the coronavirus, with no cases of locally transmitted infections in the latest data. Moreover, on Monday the U.S. Food and Drug Administration issued full approval for the Pfizer/BioNTech two-dose vaccine. The World Health Organization reports the number of new Covid-19 cases "seems to be plateauing" after increasing for nearly two months.
Brent has always been the driver of economic recovery and development. In this article, we will discuss why the end of the pandemic is equal to the beginning of the new raw material cycle.
Let’s check the global Brent oil futures chart!
Brent futures, monthly chart
Source: tradingview.com
According to Tradingview data, the Brent price might get pumped during an upcoming month. There are three reasons for that:
- Brent price broke and retested the global downtrend line which has been forming since the beginning of 2012.
- The bullish divergence occurred on the RSI.
- Two last monthly candles have long bottom shadows (it will be a great signal if the August price closes above $72, which is 50 Fibonacci level).
Short term period:
XBR/USD, 1H chart
On the 1 hour chart, the bearish divergence occurred. The closest support level is $69.8. If the price breaks through, it will drop to $68.6. Otherwise, we might see the price reaches $71.3 and the main August target of $72 shortly.
Similar
Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
The U.S. economy added 390,000 jobs in May
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
Popular
Bulls Are Coming Back
The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.
Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
What to trade on June 20-24?
Last week was shocking! The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…
Choose your payment system
