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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 206542, member: 83167"] [HEADING=1][JUSTIFY]Brent Crude Oil, oil prices are falling[/JUSTIFY][/HEADING] [JUSTIFY]The instrument develops the downward momentum that formed yesterday when the market responded with sales to new statements by US President Joe Biden about his intention to additionally send 1M barrels per day to the market from the strategic reserve (SPR). It is expected that such a measure will be in effect for the next six months and will allow prices to stabilize at current levels or lower in the face of uncertainty regarding energy supplies from Russia. Also, Biden instructed to work out new measures to support American producers of "black gold," which will also potentially contribute to the development of corrective dynamics in the commodity areas. Meanwhile, the OPEC+ meeting, which took place yesterday, again did not lead to any changes in the market. Despite pressure from the United States, the cartel refused to increase production: it will increase only by the planned 432K barrels per day for May. Analysts note that OPEC fears sharp fluctuations in supply and demand dynamics in the market and therefore avoids additional influence on the situation, given the sharply increased geopolitical risks. On Friday, also to the March report on the US labor market, the focus of traders will be statistics from Baker Hughes on active oil platforms. The previous report for the week of March 25 showed an increase in active drilling units from 524 to 531 units. [/JUSTIFY] [ATTACH type="full"]20883[/ATTACH] [JUSTIFY]On the daily chart, Bollinger Bands are moving flat. The price range is actively narrowing, reflecting the ambiguous nature of trading in the short term. The MACD indicator is going down, keeping a strong sell signal (the histogram is below the signal line). Stochastic demonstrates similar dynamics, but the indicator line is rapidly approaching its lows, indicating that the instrument may become oversold in the ultra-short term. [B]Resistance levels[/B]: 106, 109, 112, 115.5 |[B] Support levels[/B]: 102.8, 100, 96.5, 93.34[/JUSTIFY] [ATTACH type="full"]20884[/ATTACH] [/QUOTE]
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