Brent: it’s time to take profit

TVC:UKOIL   CFDs on Brent Crude Oil
Brent is relatively stable around its fresh mid-2015 highs above $68, though on Friday it started to signal a bearish correction and has briefly slipped under the psychological mark, which may trigger profit taking at very attractive levels.
The recent rally was fueled by a number of bullish factors, including further drop in the US crude oil inventories, civil unrest in Iran, militant attacks in Libya, high compliance rate among OPEC+ members, and weak USD across the board.
Brent crude is now up by more than 10% from its December lows mainly due to political tensions in Iran. But the unrest hasn’t so far affected oil production itself in the country, so this optimism may be overestimated.
For now, the barrel looks overbought, and this is another argument for a local correction in prices which are a step away from the next major barrier at $70. The proximity to this level may scare off some bulls as well. Nevertheless, as long as the US stockpiles continue to drop, and there is a threat of supply disruptions, the potential bearish moves will be limited, and the overall sentiment will remain upbeat.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out