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Brent Crude’s Triangle BreakoutOil Jumps as US Military Base in Jordan Attacked The Middle East powder keg came into sharp focus again this weekend following a drone attack by Iran-backed militants on a US military base in Jordan. President Joe Biden reported three service members were killed in the attack. These casualties mark the first time US troops have been killed in an attack in the Middle East since the Israel-Hamas war began in Gaza in October. In response to the incident, Brent crude, the international oil benchmark, gapped higher in early trading but has since given back the gains. While escalating tensions in the Middle East provide a supportive backdrop for oil, this month has also witnessed headwinds. Saudi Arabia's unexpected price cuts and the International Energy Agency (IEA) projecting a significant slowdown in oil demand growth for 2024 have added pressure to the market. Building Bullish Momentum on Brent Crude's Daily Candle Chart After more than a month of tight consolidation, the market for Brent Crude has finally showed its hand… Prices had been winding ever tighter within a triangle consolidation pattern, but last week’s price action saw the market break decisively above it – creating a burst of bullish momentum. The breakout takes prices above the volume-weighted average price (VWAP) anchored to the September 2023 highs for the first time since October. The market now faces a critical level of horizontal resistance (black dashed line), previously rejected twice in November. A successful breach of this level could pave the way for a more robust bullish trend in Brent crude. Brent Crude Daily Candle Chart Past performance is not a reliable indicator of future results Disclaimer: This is for information and learning purposes only. The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance. Social media channels are not relevant for UK residents. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.01% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
CAPITALCOM:OIL_BRENT
by Capitalcom
Brent Oil Price Faces Key Resistance ZoneBrent Oil Price Faces Key Resistance Zone Amid Geopolitical Tensions The reasons for the rise in Brent oil prices are a drone attack on an American military base in Jordan, as well as an attack on an oil tanker in the Red Sea. These events cause concerns about the safety of oil transportation through the Red Sea and the potential escalation of the conflict in the Middle East. Bloomberg writes that President Biden is under pressure, and the response can be decisive. The Brent crude oil chart today shows that: → The price strengthened higher than the zone of consolidation (shown by narrowing black lines), having completed its bullish break at the psychological level of 80 US dollars per barrel. → The price forms an ascending channel (shown in blue). → The price rose to the USD 83.00-85.00 zone, which previously served as a support area, but changed its role in November. → The market is overbought, judging by the readings of the RSI indicator. If the geopolitical tension increases, then the bulls can try to raise the price of Brent oil through the specified zone - it is possible that it will reach the upper border of the channel. On the other hand, if the fundamental background indicates a decrease in the degree of threats in the Middle East, the price can form a pullback from the resistance zone so that the RSI drops closer to values around 50. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
2
WITH BULLISH STRUCTURE ESTABLISHED, BRENT OIL TO RISE ABOVE $90Brent oil last trading week completed its bullish structure, and thus indicating the potential for price to exceed $90 in the coming days. The market has witnessed the formation of a bullish structure characterised by higher-low and higher-high, signifying a positive momentum in the oil market. N.B! - UKOIL price might not follow drawn lines . Actual price movement may likely differ from the forecast. - Let emotions and sentiments work for you - ALWAYS Use Proper Risk Management In Your Trades #usoil #crudeoil #wti #brentoil
TVC:UKOILLong
by BullBearMkt