By RoboForex Analytical Department
The commodity market started the week with a new wave of selloffs. The price of a barrel of Brent crude decreased to 80.65 USD.
Investors began reducing long positions on Friday amid uncertainty in the Middle East.
This week, the monthly reports from the International Energy Agency and OPEC are expected to be released. These documents will hold fresh assessments of the situation in the oil sector and, possibly, forecasted supply and demand parameters.
Also, the market eagerly awaits the latest inflation statistics from the US. This is one of the key indicators in shaping the Fed’s monetary policy, which is also significant for the oil market.
Brent technical analysis
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 the H4 chart, Brent has completed an upward impulse reaching the level of 81.89. Today, the quotes might correct to 80.37. After the correction is completed, a new wave of growth to 84.00 could begin, from where the trend could continue to 87.87. Technically, this scenario is confirmed by the MACD indicator. Its signal line is below zero and strictly directed upwards.
On the H1 chart, Brent has completed an upward wave to 81.89. Today, a correction to 80.37 is forming. After the price reaches this level, a wave of growth to 81.89 could follow. A breakout of this level could open the potential for a rise to 84.09. This is a local target. Technically, this scenario is confirmed by the Stochastic oscillator: its signal line is below 20 and strictly directed upwards. The indicator is expected to renew the highs.
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.
- Today, investors’ focus is on the PCE Price Index inflation report Apr 26, 2024
- Gold price recovers amid uncertain US economic outlook Apr 26, 2024
- This “Bullish Buzz” Reaches Highest Level in 53 Years Apr 26, 2024
- FastSpring and EBANX Forge Partnership to Expand Pix Payments for Digital Products in Brazil Apr 25, 2024
- Target Thursdays: NAS100, Robusta Coffee, USDCHF Apr 25, 2024
- QCOM wants to create competition in the AI chip market. Hong Kong index hits five-month high Apr 25, 2024
- Japanese yen hits all-time low as BoJ meeting commences Apr 25, 2024
- TSLA shares rose on a weak report. Inflationary pressures are easing in Australia Apr 24, 2024
- USDJPY: On intervention watch Apr 24, 2024
- Euro gains against the dollar amid mixed economic signals Apr 24, 2024