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: 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.
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
