Demand for crude oil is expected to rise after a cold wave hit USA, which will likely increase the demand for oil distillates, easing of the COVID measures in China and US crude oil inventories coming up less than the analysts have had expected.
British crude oil benchmark, BRENT, had broken the resistance of the triangle pattern, a strong bullish predictor, and the price might reach levels of 87.5 in the next couple of days. In an event of reversal of the trend, the price might reach levels of its previous low of 75.35
RSI and MACD both are confirming the bullish outlook, with MACD histogram above 0 and rising and RSI rising as well and approaching the 50 neutral line.
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British crude oil benchmark, BRENT, had broken the resistance of the triangle pattern, a strong bullish predictor, and the price might reach levels of 87.5 in the next couple of days. In an event of reversal of the trend, the price might reach levels of its previous low of 75.35
RSI and MACD both are confirming the bullish outlook, with MACD histogram above 0 and rising and RSI rising as well and approaching the 50 neutral line.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.