Antony_NPBFX
NPBFX Representative (unconfirmed)
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Brent Crude Oil: oil prices are consolidating 15.07.2019
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 are consolidating near local highs, updated at the end of the week. Quotes are supported by a reduction in the production of some US manufacturers in the Gulf of Mexico due to a tropical storm. On the other hand, investors were disappointed with the published report of the International Energy Agency. According to it, further growth in production in the USA will contribute to the growing imbalance of supply and demand in the market. The IEA expects a decline in oil demand by 2020 to a record level since 2003. Additional support for quotes was provided by Baker Hughes report on active oil platforms in the USA published on Friday. During the week, the number of drilling rigs decreased from 788 to 784 units.
Support and resistance
On the D1 chart, Bollinger Bands show a slight increase and a tendency to reverse horizontally. MACD indicator is growing preserving a weak buy signal (histogram is above the signal line). Stochastic, approaching its maxima, is trying to reverse down, indicating the risks of an overbought instrument in the ultra-short term.
One should wait for the clarification and formation of new trade signals.
Resistance levels: 67.38, 68.04, 68.63.
Support levels: 66.68, 65.98, 65.24, 64.73.
Trading tips
Long positions may be opened if the price moves away from 66.68, as from support, followed by the breakout of 67.38. Take profit – 68.63 or 69.00. Stop loss – 66.68. Implementation period: 1-2 days.
A confident breakdown of 66.68 may serve as a signal to further sales with the target at 65.24 or 64.73. Stop loss – 67.38. Implementation period: 2-3 days.
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 are consolidating near local highs, updated at the end of the week. Quotes are supported by a reduction in the production of some US manufacturers in the Gulf of Mexico due to a tropical storm. On the other hand, investors were disappointed with the published report of the International Energy Agency. According to it, further growth in production in the USA will contribute to the growing imbalance of supply and demand in the market. The IEA expects a decline in oil demand by 2020 to a record level since 2003. Additional support for quotes was provided by Baker Hughes report on active oil platforms in the USA published on Friday. During the week, the number of drilling rigs decreased from 788 to 784 units.
Support and resistance
On the D1 chart, Bollinger Bands show a slight increase and a tendency to reverse horizontally. MACD indicator is growing preserving a weak buy signal (histogram is above the signal line). Stochastic, approaching its maxima, is trying to reverse down, indicating the risks of an overbought instrument in the ultra-short term.
One should wait for the clarification and formation of new trade signals.
Resistance levels: 67.38, 68.04, 68.63.
Support levels: 66.68, 65.98, 65.24, 64.73.
Trading tips
Long positions may be opened if the price moves away from 66.68, as from support, followed by the breakout of 67.38. Take profit – 68.63 or 69.00. Stop loss – 66.68. Implementation period: 1-2 days.
A confident breakdown of 66.68 may serve as a signal to further sales with the target at 65.24 or 64.73. Stop loss – 67.38. Implementation period: 2-3 days.
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.