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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 208921, member: 80239"] [JUSTIFY][img]https://i.ibb.co/4jvpkMm/oil-forum-2.png[/img] Brent Crude Oil prices show moderate growth, developing a strong "bullish" momentum formed last week and updating local highs from March 24. At the moment, the instrument is testing the level of 118.9. Representatives of the EU countries, after lengthy negotiations, agreed on the sixth package of sanctions, which, among other things, includes a partial embargo on the supply of Russian oil, and also prohibits operations related to insurance of the delivery of energy from the Russian Federation to third countries. Earlier Hungarian officials opposed a complete ban on energy imports, comparing it with dropping a nuclear bomb on their economy, and Prime Minister Viktor Orban said that he would support anti-Russian sanctions only after providing guarantees on alternative fuel supplies. In the end, EU leaders still managed to reach an agreement on a partial ban that would not affect Hungary. The restrictions will affect the purchase of "black gold" supplied by sea, but will allow a number of countries to use the existing infrastructure, in particular, the Druzhba oil pipeline, through which deliveries to Germany and Hungary are possible. The rise in prices for oil and oil products is also facilitated by the beginning of the automobile season in the US, where record prices for gasoline are fixed. The decision of the Chinese authorities also has a positive effect on the quotes: from June 1, the work of enterprises in Shanghai is resumed, and a number of restrictions on the operation of public transport and retail outlets are lifted in Beijing. [img]https://i.ibb.co/105vSM3/oil-1.png[/img] Bollinger Bands in D1 chart show moderate growth. The price range is expanding, but it fails to catch the development of "bullish" trend at the moment. MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic has approached its highs, indicating the risks of overbought instrument in the ultra-short term. Resistance levels: 120, 122.60, 125.85 | Support levels: 118, 115.5, 114.09, 112 [img]https://i.ibb.co/RNN3T9X/oil-2.png[/img][/JUSTIFY] [/QUOTE]
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