‘The likely scenario as of now seems to be a sideways trend over the next few weeks,’ said Michael Stark, an analyst at Exness: ‘There’s obviously very strong buying demand in the area around $65, while there’s no clear fundamental driver for the price to retest recent highs. Traders are now looking for significant confirmed…
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Even before large losses at the end of last week, it already seemed fairly unlikely that the cartel would significantly boost production. With most members seemingly content with prices of Brent around $75-85 and various countries including Japan having released their strategic reserves of crude, there had been no clear calls among OPEC for increasing…
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The pound seems to be standing at a crossroads with key technical references above and below, the 161.8% weekly Fibonacci retracement area and the 200 SMA respectively. Based on TA alone, consolidation and sideways movement would usually be favourable in this situation. However, the important economic releases from the USA and the UK on Wednesday…
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Price seems to have broken through the 61.8% area of the weekly Fibonacci fan with two daily closes in succession above this area. Moving averages still give a sell signal, but the value area between the 100 and 200 SMAs has shrunk considerably. Movement above this area might signal more gains to come for the…
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The golden cross of the 50 SMA over the 100 a fortnight ago came ahead of more gains, although price has now moved clearly into overbought based on the slow stochastic (15, 5, 5). The weekly Fibonacci fan has probably lost relevance now that the medium-term trend is clearly upward, but 61.8% might still limit…
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From a technical perspective, oil’s uptrend since last summer is clearly still active for now. Brent has failed to break below the 50 SMA from Bands, and there is currently no indication of overbought from either Bollinger Bands (50, 0, 2) or the slow stochastic (15, 5, 5). The key area on this chart for…
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