💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Brent Crude Oil Tests 200DMA for the First Time Since Last Summer

Published 07/25/2023, 01:50 AM
LCO
-
  • A new three-month high
  • Can Brent break the 200-day SMA?
  • Oil prices are trending higher again on Monday, building on the surge late last week and reaching their highest level in three months.

    There have been a number of factors that have contributed to the gains recently, starting with the Saudi extension to its million barrel cut alongside Russia’s export reduction followed by data that could enable a soft landing in countries that are aggressively raising rates.

    Brent hits new three-month high

    Not only has that taken Brent crude back above $80 a barrel, much to the relief of the Saudi’s, but it’s adding to those moves again.

    It will be interesting to see how Brent responds around roughly $82.50-$83.50 where it is already seeing some resistance today. It may not have traded at these levels in almost three months but it hasn’t significantly breached the 200-day simple moving average since last summer.

    BCOUSD Daily

    BCOUSD Daily Chart

    Source – OANDA on Trading View

    Original Post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.