Author: Dmitriy Gurkovskiy, Chief Analyst at RoboForex
On Monday, November 30th, Brent is declining, correcting after prominent growth yesterday. It is trading at 47.60 USD and might spend the whole session falling.
By the way, on Monday, OPEC is having a meeting. By the decision of the monitoring committee (that had a meeting earlier), no changes will be made in the production plans for the first six months of 2021.
The Chinese statistics this morning looks cheerful: the PMI in production grew to 52.1 points from 51.4, against 51.6 points forecast. Stabilization in the Chinese statistics is good for the oil market because China remains the world’s largest importer of oil.
On H4, Brent completed a wave of growth to 48.55. At the moment, the market is forming a consolidation range at the high of this wave. We expect the price to escape the range downwards, developing a wave of decline to 45.63. The goal is first. Practically, we will consider a wave of correction to 42.50. Technically, this scenario is confirmed by the MACD oscillator: its signal line has escaped the histogram and is heading confidently for zero.
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
On H1, Brent completed the first impulse of decline to 47.30 and corrected to 48.40. Today, market is trading another impulse of decline, aiming to break through 47.30. Then we expect it to reach 46.20. The goal is estimated. Technically, the scenario is confirmed by the Stochastic oscillator: its signal line has broken through 50 top-down and is heading directly for 20.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
- WTI oil declines on rising inventories and negotiations between Israel and Hamas. Rising unemployment in New Zealand may force RBNZ to start cutting rates earlier May 1, 2024
- Bitcoin stumbles below $60k ahead of Fed May 1, 2024
- Expert Says Now Looks Like a Good Time To Buy This Renewable Energy Stock Apr 30, 2024
- Optimism over corporate earnings is fueling stock indices. The Hong Kong index reached a 5-month high Apr 30, 2024
- FXTM’s Copper: Hits fresh two-year high! Apr 30, 2024
- European indices grow on the ECB’s “dovish” position. Quarterly reports of mega-companies support the broad market Apr 29, 2024
- Japanese yen shows volatility amid speculation of intervention Apr 29, 2024
- COT Bonds Charts: Speculator Weekly Changes led by 5-Year & 10-Year Bonds Apr 28, 2024
- COT Stock Market Charts: Speculator Bets led by VIX & Russell-Mini Apr 28, 2024
- COT Soft Commodities Charts: Speculator Bets led by Corn & Soybean Meal Apr 28, 2024