| 
March 15, 2023
While in the midst of a 7 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $73.69, Brent crude is up to $74.45 per barrel, which makes for a move of 1.03%/76 cents today.
Brent crude is currently trading at $74.45 following the release of Crude Oil Inventories data from the United States.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Having crossed its lower Bollinger Band® at $77.96, ICE Brent crude could be headed for a downward correction. On the other hand, note that the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.
ICE Brent crude is likely to reverse course and start pointing downward in the short term.
This rally in Brent crude oil's price coincides with other Energy as Crude Oil gained 1.09% and is now trading at $68.35. Natural Gas goes up 1.89% to trade around $2.48.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released tomorrow at 12:30 UTC.
Also worthy of note, United States Philadelphia Fed Manufacturing Index (Mar) is scheduled for tomorrow at 12:30 UTC. United States Building Permits (Feb) scheduled to come out tomorrow at 12:30 UTC.
Having soared to a high of $123.6 approximately 9 months ago, Brent crude is now trading 40.38% lower.
