Antony_NPBFX
NPBFX Representative (unconfirmed)
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Brent Crude Oil: oil is weakening 06.11.2020
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on Brent Crude Oil for a better understanding of the current market situation and more efficient trading.
Current trend
Oil prices began to decline again, dropping to $39.50 per barrel.
EIA data on oil reserves confirmed OPEC's negative scenario. The indicator fell by 7.998 million barrels against the background of the expected increase in reserves by 0.890 million. These data did not have a positive effect on the instrument. On the contrary, investors began to expect with even greater concern the data correction next week. Yesterday, Saudi Aramco said it would cut its December selling prices for Asian buyers. The company decided to take such a step due to a decrease in demand for the company's products under the influence of the second wave of the COVID-19 pandemic.
It is becoming more and more obvious that at the OPEC meeting to be held in mid-November, the main issue will be a new cut in production volumes, which the Russian Federation is actively opposing so far.
Support and resistance
On the local chart, the price moves within the local Expanding formation pattern, within which it approaches the resistance line. Technical indicators are in the state of a sell signal but are starting to slow down. The range of fluctuations of the EMA indicator Alligator begins to narrow, and the histogram of the AO oscillator is approaching the buy zone.
Resistance levels: 41.10, 43.50.
Support levels: 38.90, 35.30.
Trading tips
After reversal and growth or consolidation above the local resistance level at 41.10, buy positions with the target at 43.50 are relevant. Stop loss is 40.00, below the support level. Implementation period: 7 days or more.
After decline or consolidation below the local support level at 38.90, it is relevant to open sell positions with the target at 35.30. Stop loss is 40.00.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling Brent Crude Oil now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on Brent Crude Oil and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on Brent Crude Oil for a better understanding of the current market situation and more efficient trading.
Current trend
Oil prices began to decline again, dropping to $39.50 per barrel.
EIA data on oil reserves confirmed OPEC's negative scenario. The indicator fell by 7.998 million barrels against the background of the expected increase in reserves by 0.890 million. These data did not have a positive effect on the instrument. On the contrary, investors began to expect with even greater concern the data correction next week. Yesterday, Saudi Aramco said it would cut its December selling prices for Asian buyers. The company decided to take such a step due to a decrease in demand for the company's products under the influence of the second wave of the COVID-19 pandemic.
It is becoming more and more obvious that at the OPEC meeting to be held in mid-November, the main issue will be a new cut in production volumes, which the Russian Federation is actively opposing so far.
Support and resistance
On the local chart, the price moves within the local Expanding formation pattern, within which it approaches the resistance line. Technical indicators are in the state of a sell signal but are starting to slow down. The range of fluctuations of the EMA indicator Alligator begins to narrow, and the histogram of the AO oscillator is approaching the buy zone.
Resistance levels: 41.10, 43.50.
Support levels: 38.90, 35.30.
Trading tips
After reversal and growth or consolidation above the local resistance level at 41.10, buy positions with the target at 43.50 are relevant. Stop loss is 40.00, below the support level. Implementation period: 7 days or more.
After decline or consolidation below the local support level at 38.90, it is relevant to open sell positions with the target at 35.30. Stop loss is 40.00.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling Brent Crude Oil now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on Brent Crude Oil and trade efficiently with NPBFX.