Bullish phase under threat as Brent crude stays range-bound

Stable at $84.39 and still trending upwards, Today's session might suggest a slow down — without a clear-cut direction, Brent crude is trading around $84.39 per barrel and ranging between $84.06 and $86.05.

Brent crude oil is currently trading at $84.39 following the release of JOLTs Job Openings (Feb) data from the United States.

Brent crude's state is reflected by market data as United States JOLTs Job Openings (Feb) came out at 9.93 million, while a consensus of analysts was expecting 10.4 million. United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.

Visual analysis of Brent crude's chart shows that Brent Crude Oil is approaching key support, around 100 cents away from $83.39. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Concerning technical analysis and more specifically, trend indicators, the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. According to asset volatility analysis, Brent crude oil's upper Bollinger Band® is at $86.78, suggesting that a downward move may follow.

Notwithstanding ICE Brent crude's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Meanwhile, mixed performances are seen in other Energy as after ending yesterday's session at $2.66, Heating Oil lost 3.78 cents and is trading around $2.62.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.8 million, having previously been at -7.49 million. The figure will be published tomorrow at 14:30 UTC. United States ADP Nonfarm Employment Change (Mar) scheduled to come out tomorrow at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) is expected tomorrow at 14:00 UTC.

Brent crude oil has fallen back around 31.29% over the past 9 months, from a notable high of $123.6.