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April 14, 2023
A mostly flat day so far for Brent crude, ranging between $85.54 and $86.86; currently at $86.37 per barrel.
United States's Retail Sales new data released of -1% below its previous figure.
This uncertain state for Brent crude oil is reflected by published market data as Core Retail Sales in United States fell short of market expectations (-0.3%) with a reading of -0.8%, continuing the decline from the previous figure of 0%. United States Retail Sales published today at 12:30 UTC came out at -1%, falling short of the -0.4% projections and continuing its decline from the previous -0.2% figure. Producer Price Index in United States fell short of market expectations (0.1%) with a reading of -0.5%, continuing the decline from the previous figure of 0%.
'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. ICE Brent crude made an initial break below its 3 day Simple Moving Average at $86.37, a possible indication of a forthcoming negative trend. ICE Brent crude is currently flirting with an active Fibonacci support level around $85.64. ICE Brent crude's upper Bollinger Band® is at $88.43, suggesting that a downward move may follow. Despite this, Brent crude oil is approaching key support, around 66 cents away from $85.71. 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.
Despite the market lacking direction, technical chart analysis strongly suggests Brent crude is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Crude Oil moves up 0.69% to trade around $82.73. Natural Gas moves 1% to trade around $2.03.
ICE Brent crude reached a significant high of $123.6 around 10 months ago but has lost 30.35% since then.
