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Navigating the Surge Towards $100
TRADING
90.000
Opening Price
100.000
TP
85.000
SL
89.936 +0.634 +0.71%
0
Point
Flat
85.000
SL
Closing Price
90.000
Opening Price
100.000
TP
Brent Crude oil prices have embarked on a spectacular rally, surging approximately 15% in a mere three weeks. Currently, they are trading at levels last witnessed in November, rapidly approaching the coveted $100 mark. This article delves into the driving forces behind this impressive oil price rally, highlighting the roles played by Saudi Arabia and Russia, the dynamics of voluntary production cuts, and the potential impact of demand fluctuations on the sustainability of this rally. Additionally, it discusses the significance of psychological factors and historical resistance as oil prices approach the $100 threshold.
Impressive Rally and Current Levels:
Brent Crude oil has undertaken a remarkable rally in a short span of three weeks, marking an approximate 15% surge. Presently, oil prices are scaling heights not seen since November and are tantalizingly close to the $100 milestone.
Driving Forces: Saudi Arabia and Russia:
At the heart of this oil price rally are Saudi Arabia and Russia. These key players have taken decisive actions to curtail oil supply, thus tightening the market considerably. Their concerted efforts have propelled oil prices well beyond their previous trading range for most of the year.
Voluntary Production Cuts:
Saudi Arabia and Russia have voluntarily implemented production cuts, contributing significantly to the surge in prices. These cuts are expected to persist until year-end, although their future course could hinge on evolving demand dynamics in the months ahead.
Demand Dynamics:
The longevity of the oil price rally is contingent on demand fluctuations. If demand falters as these additional cuts expire, it could put the brakes on rising prices. The article raises pertinent questions about whether these cuts have gone too far and whether demand will soften enough to trigger a price pullback.
Momentum Indicators:
Notably, momentum indicators, including the Stochastic and MACD (Moving Average Convergence Divergence), do not currently indicate signs of divergence. This suggests that the rally remains robust, despite the significant price upswing.
Psychological Factors:
The article underscores the psychological dimension of oil prices nearing the $100 threshold. Market psychology often exerts influence, and this psychological milestone could become a focal point of discussion should prices continue to ascend.
Historical Resistance:
An interesting historical perspective is provided, as oil prices have previously struggled to breach the $100 level, with limited success in October and November. The article suggests that $98 may also hold significance, but the spotlight is likely to shift toward whether oil prices can surmount the triple-digit barrier once again.
Technical Analysis:
On the weekly chart, oil prices appear poised for continued ascent. Daily fluctuations show an upward trajectory, emphasizing a prevailing bullish sentiment. Intra-day, the four-hour chart exhibits upward fluctuations, while the hourly chart indicates range-bound trading. Overall, the dominant theme for the day appears to be oscillations with an upward bias, particularly in the 88-91 price range.
As Brent Crude oil prices continue their ascent towards $100, market participants are closely watching these key drivers and technical indicators to gauge the resilience of this impressive rally.
TRADE RECOMMENDATION
BUY USOIL
ENTRY PRICE : 90.00
STOP LOSS : 85.00
TAKE PROFIT : 100.00
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