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Brent Crude Oil Technical Analysis - Brent Crude Oil Trading: 2021-08-20
Brent Crude Technical Analysis Summary
Below 65.26
Sell Stop
Above 68.36
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
Brent Crude Chart Analysis
Brent Crude Technical Analysis
The #C- BRENT technical analysis of the price chart in 4-hour timeframe shows #C- BRENT,H4 is falling under the 200-period moving average MA(200), which is falling itself. We believe the bearish momentum will continue as the price breaches below the lower Donchian boundary at 65.26. A pending order to sell can be placed below that level. The stop loss can be placed above 68.36. After placing the order, the stop loss is to be moved every day to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Commodities - Brent Crude
US domestic crude oil stock fell last week. Will the BRENT rebound?
On Wednesday the Energy Information Administration reported that US crude supplies fell by 3.5 million barrels. Falling US crude oil inventories are bullish for Brent. However the current technical setup is bearish for Brent. The US offshore regulator on Wednesday said efforts to resume a federal oil and gas leasing program were underway and would soon bear results following a court decision ending a suspension. The resumption of leasing program will add to US oil output in the longer term. EIA reported also that US crude output continued its steady rise, hitting 11.4 million barrels per day last week. And the International Energy Agency last week said that demand for crude oil was expected to increase at a slower rate over the rest of 2021 because of surging cases of the Delta variant. Expectations for rising oil supply are bearish for price.
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