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Mini Brent Crude Futures (100 BBL)MM

Mini Brent Crude Futures (100 BBL)

74.23USD / BLLD
+4.87+7.02%
At close at Jun 13, 12:53 GMT
USD / BLL
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BM1! trade ideas

Brent Oil: Long or ShortThe Oil market is in at a key pricing level whereby a ceiling has been put in place since Aug 2015. The $54 level has been tested 4 times, and failed on each occasion with a notable retracement seen on each occasion. If a break above this price ceiling is made, a buy order should be initiated with a target of $60. Only sell if fundamental news comes out regarding the OPEC decision in Algiers i.e. a breakdown in agreements or flaring tensions between Saudi A. and Iran.
RUS:BR1!
by mikeycollins
Brent oil eyeing 23.6% Fibo hurdleBrent clocked 5-month high of $46.10 and trades around the same in early Europe today. Markets ignored a record high weekly inventory buildup reported by US government and cheered IEA’s forecast of sharp drop in non-OPEC output in 2016 Formation – Rising channel Resistance – $46.47, $47.65, $47.97 Support – $44.90, $43.32, $42.51-42.27 Brent’s day end closing well above $44.90 after a rebound from rising channel support indicates a potential for a rally towards $47.97, which is 23.6% Fibo of June 2014 high-Jan 2016 low). Daily RSI is nearing overbought zone and may result in short-term loss of momentum and sideways to positive action. On the downside, $44.90 is a strong support. A violation there would expose $43.23. Only a break below the same would signal short-term bullish invalidation. Oil news US crude inventories climbed 2.08 million barrels to 538.6 million barrels last week, the highest level since 1930, EIA data showed. US crude output fell to 8.95 million barrels a day in the week ended April 15. IEA expects biggest non-OPEC output fall in 25 years. Oil looks unstoppable as of now, focusing on every other piece of good news. Moreover, analysts continue to talk about excess supply and rift between Saudi Arabia and Iran and view the current rise in prices with skepticism. The bullish momentum may continue so long as unless retailers begin taking note of the latest price rise and sentiment shifts to the bullish side.
R
by TipTVFinance