Oil: Bullish Momentum Continues on Supply Disruption Concerns
Technical Analysis
15-minute chart:
On the 15-minute chart, Brent oil is currently trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. This suggests that the bulls are in control and that the price is likely to continue to rise in the near term.
4-hour chart:
On the 4-hour chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. However, the RSI indicator is nearing overbought territory, which suggests that a pullback may be due in the near term.
Daily chart:
On the daily chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. The RSI indicator is also in neutral territory, which suggests that there is no overbought or oversold condition.
Overall, the technical analysis suggests that Brent oil is likely to continue to rise in the near term. However, investors should be aware of the potential for a pullback if the RSI indicator enters overbought territory.
Trading Strategy
Traders who are bullish on Brent oil could consider buying the dips. A stop loss could be placed below the 20-period moving average, and a take profit target could be placed at the next resistance level.
Traders who are bearish on Brent oil could consider shorting the rallies. A stop loss could be placed above the 20-period moving average, and a take profit target could be placed at the next support level.
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If you agree with the idea, please follow and share this with others too.
This analysis is based on the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
15-minute chart:
On the 15-minute chart, Brent oil is currently trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. This suggests that the bulls are in control and that the price is likely to continue to rise in the near term.
4-hour chart:
On the 4-hour chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. However, the RSI indicator is nearing overbought territory, which suggests that a pullback may be due in the near term.
Daily chart:
On the daily chart, Brent oil is also trading in a bullish uptrend. The price is above the 20-period and 50-period moving averages, and the MACD indicator is above its signal line. The RSI indicator is also in neutral territory, which suggests that there is no overbought or oversold condition.
Overall, the technical analysis suggests that Brent oil is likely to continue to rise in the near term. However, investors should be aware of the potential for a pullback if the RSI indicator enters overbought territory.
Trading Strategy
Traders who are bullish on Brent oil could consider buying the dips. A stop loss could be placed below the 20-period moving average, and a take profit target could be placed at the next resistance level.
Traders who are bearish on Brent oil could consider shorting the rallies. A stop loss could be placed above the 20-period moving average, and a take profit target could be placed at the next support level.
I hope this post is helpful.
If you agree with the idea, please follow and share this with others too.
This analysis is based on the information at the date it is posted.
This analysis does not represent professional and/or financial advice.
You alone assume the sole responsibility of evaluating the merits and risks associated with the use of any information or other content found on this profile before making any decisions based on such information.
Any feedback is encouraged and appreciated. Thank you and have a nice day!
I hope this was helpful.
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
This analysis represents my thoughts at the date it is posted.
This analysis does not represent professional and/or financial advice.
Trade wisely!
ymagnify.com/
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