Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
Oil may correct down
2022-06-06 • Updated
On W1, Brent oil formed a bearish candlestick with a long upper shadow. All things equal, it will be difficult for bulls to keep pushing higher immediately after such a pattern. In addition, the price failed to close above the 61.8% Fibo retracement of the 2018 decline at 72.80. In this area, there’s also the weekly pivot point. As long as the price stays below this level, it’s vulnerable for a bearish correction.
Notice that if you want to trade Brent, choose BRN-19M in your MetaTrader (File - CFD Futures).
Here’s a trade idea adjusted for the chart of the June futures contract:
SELL 71.50; TP 70.30; SL 71.90
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Intraday and swing scenarios based on price action and volume profile.
Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...
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