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June 16, 2023
A quick look at today: Brent crude oil closed today at $76.29 per barrel (with a daily low of $75.08) after ending yesterday at $75.67 and gaining 0.82%.
Brent crude upside coincides with further encouraging market factors as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
On the flip side, United States Initial Jobless Claims came out at 262,000, marking no change from preceding figure.
At the same time, United States Philadelphia Fed Manufacturing Index (Jun) released yesterday at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Concerning technical analysis and more specifically, trend indicators, Brent Crude Oil made an initial breakout above its 21 day Simple Moving Average at $75.87, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $76.13 currently serving as resistance Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $79, thereby suggesting that Brent crude oil is becoming overvalued. A study of ICE Brent crude's historical price actions shows although Brent crude is appreciating today after rising as high as $76.74, price action is now slowing and consolidating around 89 cents below the $77.18 resistance level.
Overall, while ICE Brent crude has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Having set a significant low of $71.96 4 days ago, Brent crude is trading 5.16% higher.
