Brent crude is witnessing a pullback, with prices retreating to USD 84.75 per barrel, as the market seeks fresh impetus for resuming its upward trajectory.
Among recent developments, Saudi Arabia's affirmation of its oil production stance stands out. The kingdom has resolved to sustain its voluntary oil production cut at 1 million barrels per day through the end of 2023, a decision aligning with the broader OPEC+ strategy to maintain market equilibrium. Reports suggest that this stance may be up for review in December.
Saudi Arabia's actual production is set to stay at 9 million barrels per day till year-end, contributing to OPEC+'s efforts to keep the oil market stable.
Technical Analysis: Brent Crude
The H4 chart depicts Brent crude navigating a bearish course, targeting a level of USD 81.45. Upon completing this descent, the market may pivot towards an upward trajectory, potentially reaching USD 86.96. A consolidation phase is likely to form beneath this level. A downward breach could lead to further dips, possibly reaching the USD 81.00 mark. Conversely, an upward breakout might set the stage for a rally up to the USD 95.00 threshold. The MACD indicator supports the bearish outlook in the near term, with its signal line entrenched below zero and angled downwards.
On the H1 chart, Brent has finalized a downward wave at USD 84.55, with a consolidation pattern emerging at this juncture. A break below this consolidation could signal a continuation of the bearish trend towards USD 82.75. Should this level be met, a corrective uptick to USD 84.55 may occur, potentially serving as a prelude to further declines to USD 81.45. The Stochastic oscillator's signal line is situated below 20, reinforcing the likelihood of continued bearish momentum.
By RoboForex Analytical Department
Disclaimer
Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
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Brent Crude Experiences a Pullback Amid Market Indecision
Published 11/07/2023, 07:06 AM
Updated 02/15/2024, 03:13 AM
Brent Crude Experiences a Pullback Amid Market Indecision
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