Brent Crude Oil Technical Analysis | Brent Crude Oil Trading: 2022-10-06 | IFCM
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Brent Crude Oil Technical Analysis - Brent Crude Oil Trading: 2022-10-06

Brent Crude Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 93,6

Buy Stop

Below 82

Stop Loss

Mary Wild
Senior Analytical Expert
Articles 2058
IndicatorSignal
RSI Neutral
MACD Buy
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

Brent Crude Chart Analysis

Brent Crude Chart Analysis

Brent Crude Technical Analysis

On the daily timeframe, BRENT: D1 approached the downtrend resistance line. It must be broken up before opening a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if BRENT: D1 rises above its latest up fractal: 93.6. This level can be used as an entry point. The initial risk limit is possible below the last lower fractal, 9-month low and the Parabolic signal: 82. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (82) without activating the order (93.6), it is recommended to delete the order: there are internal changes in the market that were not taken into account.

Fundamental Analysis of Commodities - Brent Crude

OPEC+ has decided to cut oil production. Will BRENT quotes continue to rise?

OPEC+ will cut oil production by 2 million bpd starting in November. In addition, the cartel decided to cancel the monthly meetings. The next meeting is scheduled for December 4, 2022. Perhaps in the future OPEC+ will meet once every six months. Saudi Energy Minister Abdulaziz bin Salman said that oil-producing countries need to take into account rising global inflation. He also noted that the real reduction in OPEC+ production could be 1-1.1 million bpd. Recall that some oil-producing countries are already producing less oil than their current quotas. The market reaction to the OPEC+ decision was not very strong, as Western countries are going to contain the rise in oil prices. The US is considering the sale of 10 million barrels of oil from the Strategic Petroleum Reserve in November. Recall that elections to the US Congress will be held on November 8. The European Union plans to limit the price of Russian oil (price cap) as part of a new package of economic sanctions.

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Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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