CFDs sur Pétrole brut (Brent)Mis à jour Brent:The erosion of the 73.30$ thresholds is highly encouraging
Brent oil price fell 1.0% last week for a third week in a row, as the Turkish Lira crisis ignited the economic growth concerns. On Monday the oil price volatility stabilized, and the price inched up by 0.6%. From June high’s the price declines for six weeks out of seven.
Recent weakness attributed to the ongoing trade concerns and a dip in global economic growth, which leads to a drop-in demand from EM countries. Market participants more focusing on tumbling Turkish Lira and US-China Trade war headlines. Oil investors are hoping the better outcome from the next round of negotiations between US and China.
The oil price has surged more than 12% YTD, contrast down more than 7.0% past three months.
Technically speaking, the erosion of the 73.30$ thresholds is highly encouraging the bulls to initiate a more pronounced recovery to 74.00$ and 75.00$. Supports finds at 71.50$, 71.00$ and 70.00$.
Weekly supports find between around 70.00$. As we forecast last week, the price bound to consolidate between 70.00$-75.80$.
Oil price looks attractive between 70.50$-69.70$ levels. We see room for a short-term rally to 74.00$-74.50$ in case trade tensions reduces partially. The flip side, a two-day close below 200MAs could retrace further to 68.20$ and 66.00$
Recent weakness attributed to the ongoing trade concerns and a dip in global economic growth, which leads to a drop-in demand from EM countries. Market participants more focusing on tumbling Turkish Lira and US-China Trade war headlines. Oil investors are hoping the better outcome from the next round of negotiations between US and China.
The oil price has surged more than 12% YTD, contrast down more than 7.0% past three months.
Technically speaking, the erosion of the 73.30$ thresholds is highly encouraging the bulls to initiate a more pronounced recovery to 74.00$ and 75.00$. Supports finds at 71.50$, 71.00$ and 70.00$.
Weekly supports find between around 70.00$. As we forecast last week, the price bound to consolidate between 70.00$-75.80$.
Oil price looks attractive between 70.50$-69.70$ levels. We see room for a short-term rally to 74.00$-74.50$ in case trade tensions reduces partially. The flip side, a two-day close below 200MAs could retrace further to 68.20$ and 66.00$
Trade fermée: cible de profit atteinte
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.