Commodity traders stay bullish as ICE Brent crude adds $1.14 or 1.4%

Yesterday at a glance: with a daily low of $80.73, ICE Brent crude closed yesterday at $82.73 per barrel, after ending Thursday at $81.59 and gaining $1.14 (1.4%).

Brent crude oil upside coincides with further encouraging market factors as United States Non Farm Payrolls released yesterday at 13:30 UTC is better than expected at 311,000 but down from preceding data of 504,000 according to new data.

On the flip side, Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.

At the same time, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Brent Crude Oil made an initial breakout above its 3 day Simple Moving Average at $82.53, a potential indicator of a newly emerging bullish phase. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Brent crude is currently trading around the $82.21 Fibonacci resistance level. Brent crude oil's lower Bollinger Band® is at $80.72, indicating that the market is oversold and fertile for new buyers. Despite this, ICE Brent crude is 87 cents away from testing key resistance at $83.6. Peaking above this level could inspire market bulls and open the path to further gains.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts ICE Brent crude to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Brent crude is expected to pick up significant bullish sentiment in the coming days.

This rally in ICE Brent crude's price coincides with other Energy as Heating Oil is trading around $2.78 after ending yesterday's session at $2.67 (up 4.22% today). Crude Oil moves up 1.27% yesterday and closed at $75.72.

While ICE Brent crude is higher so far today, these Energy commodities are underperforming: Natural Gas lost 4.21% yesterday and closed at $2.54.

Approximately 9 months ago, Brent crude reached a significant high of $123.6 but has struggled to hold onto its gains and declined 34% since then.