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June 03, 2023
A quick look at yesterday: bullish sentiment helped ICE Brent crude to push $1.94 higher, reaching session highs around $76.49, before consolidating until close. Ultimately, Brent crude oil closed yesterday at $76.22 per barrel.
Uptick comes while some more positive signs for ICE Brent crude are out as highly important Non Farm Payrolls data from United States beat analyst expectations of 180,000 with a reading of 339,000.
On the flip side, Average Hourly Earnings in United States fell short of market expectations (0.4%) with a reading of 0.3%, continuing the decline from the previous figure of 0.4%. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.
Trend-following investors would be interested to note that Brent Crude Oil made an initial breakout above its 21 day Simple Moving Average at $76.09, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $78.55, thereby suggesting that ICE Brent crude is becoming overvalued. Analysis of ICE Brent crude's recent price action suggests Brent crude oil could be slowing down soon as it approaches resistance at $77.13. Of course, crossing it might suggest further gains are ahead.
Overall, the technical outlook suggests Brent crude oil is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in Brent crude's price coincides with other Energy as Crude Oil goes up 2.52% yesterday and closed at $70.1. Heating Oil went up by 2.06% yesterday, and closed at $2.36.
Other Energy showed mixed performance as Natural Gas moves 0.88% yesterday and closed at $2.16.
Having set a significant high of $123.6 11 months ago, ICE Brent crude is trading 39.9% lower.
