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February 26, 2023
A quick look at Friday: hesitant but grinding higher: Brent crude oil closed at $83.17 per barrel after ranging between $81.07 and $83.38.
Brent Crude Oil made an initial breakout above its 5 day Simple Moving Average at $82.71, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $83.1 currently serving as resistance Brent crude oil's lower Bollinger Band® is at $80.05, indicating that the market is oversold and fertile for new buyers. Despite this, ICE Brent crude could be slowing down soon as it approaches resistance at $84. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems ICE Brent crude might continue pointing upwards in the short term.
This rally in Brent crude oil's price coincides with other Energy as Heating Oil went up by 3.27% Friday, and closed at $2.8. Natural Gas went up by 6.37% Friday, and closed at $2.59. Crude Oil went up by 1.41% Friday, and closed at $76.45.
Friday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
Also worthy of note, United States Pending Home Sales projected to decline to 1% while previous data was 2.5%; data will be released tomorrow at 15:00 UTC.
Having set a significant high of $129.12 11 months ago, Brent crude is trading 36.33% lower.
