🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Brent Crude: Momentum Wanes as Oil Trades Around 2023 Highs

Published 08/10/2023, 08:58 AM
LCO
-
CL
-
BCO/USD
-
  • Stalling around 2023 highs
  • Divergence a sign of waning momentum
  • Oil prices have stabilized again today after another choppy, albeit broadly bullish, start to the week.

    They’re now trading around their highest levels for the year and you have to wonder whether the recent announcements from Saudi Arabia and Russia, combined with better economic prospects, will be enough to lift the price to new 2023 highs, and above $90 in the case of Brent.

    Are we seeing some profit-taking?

    One thing that is notable is the rally of the last couple of weeks has been accompanied by dwindling momentum.

    While not necessarily a bearish indicator in itself, it does suggest we may be seeing some profit-taking on approach to those highs and ahead of the CPI report. That could change after the release if we see a really promising report but for now, that divergence is undoubtedly a red flag.

    BCOUSD Daily

    BCO Daily Chart

    Source – OANDA on Trading View

    Original Post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.