Antony_NPBFX
Active Member
- Messages
- 1,243
- Joined
- Aug 2, 2016
- Messages
- 1,243
- Reaction score
- 8
- Points
- 35
Brent Crude Oil: general review on 15/05/2017
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on Brent Crude Oil for a better understanding of the current market situation and more efficient trading.
Current trend
The report of the Energy Information Administration of the US Department of Energy showed the reduction of oil reserves in the USA by over 5.2 mln barrels which gave the prices stong growth momentum. The strengthening was supported by the monthly OPEC report published on Thursday. The main idea of the report was that the member states of the cartel and external exporters have reached consensus on the extension of OPEC+ agreement. The final decision on this matter is expected to be made in Vienna at the meeting of all member countries.
No important releases for the instrument are due today. One may pay attention to Manufacturing PMI from New York that comes before federal data (with a positive outlook). More attention should be paid to tomorrow's report of IEA on the process of fulfillment of OPEC+. During the week reports by API and EIA may also be of interest. as they may confirm or disprove the tendency for further reduction of US oil reserves.
The most likely forecast for the near future will be the continuation of upward correction of oil.
Support and resistance
Technically the price broke through the levels 50.00, 50.90, lower border of channel H4 (black) and 51.50. After consolidation above this zone one may expect the growth to continue to higher targets.
Support levels: 51.50, 50.90 50.00.
Resistance levels: 52.60, 53.00, 53.75.
Trading tips
Long positions may be opened at the market price with targets at 52.60, 53.00 and stop-loss at 51.50.
Alternatively, sell positions may be opened from the level of 51.50 with targets at 50.90, 50.00 and stop-loss at 52.10.
The period of implementation is 2-3 days.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling Brent Oil now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on Brent Crude Oil and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on Brent Crude Oil for a better understanding of the current market situation and more efficient trading.
Current trend
The report of the Energy Information Administration of the US Department of Energy showed the reduction of oil reserves in the USA by over 5.2 mln barrels which gave the prices stong growth momentum. The strengthening was supported by the monthly OPEC report published on Thursday. The main idea of the report was that the member states of the cartel and external exporters have reached consensus on the extension of OPEC+ agreement. The final decision on this matter is expected to be made in Vienna at the meeting of all member countries.
No important releases for the instrument are due today. One may pay attention to Manufacturing PMI from New York that comes before federal data (with a positive outlook). More attention should be paid to tomorrow's report of IEA on the process of fulfillment of OPEC+. During the week reports by API and EIA may also be of interest. as they may confirm or disprove the tendency for further reduction of US oil reserves.
The most likely forecast for the near future will be the continuation of upward correction of oil.
Support and resistance
Technically the price broke through the levels 50.00, 50.90, lower border of channel H4 (black) and 51.50. After consolidation above this zone one may expect the growth to continue to higher targets.
Support levels: 51.50, 50.90 50.00.
Resistance levels: 52.60, 53.00, 53.75.
Trading tips
Long positions may be opened at the market price with targets at 52.60, 53.00 and stop-loss at 51.50.
Alternatively, sell positions may be opened from the level of 51.50 with targets at 50.90, 50.00 and stop-loss at 52.10.
The period of implementation is 2-3 days.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling Brent Oil now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on Brent Crude Oil and trade efficiently with NPBFX.
