Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Crude Oil Tries To Correct

By Andrey GoilovCommoditiesOct 31, 2022 10:12AM ET
www.investing.com/analysis/crude-oil-tries-to-correct-200631736
Crude Oil Tries To Correct
By Andrey Goilov   |  Oct 31, 2022 10:12AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
LCO
+0.72%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
CL
+0.85%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

The commodity market is beginning the week with a decline: the news is disturbing nervous investors again. Brent is returning to 94.70 USD per barrel.

A couple of days ago, it was heard about new outbreaks of the coronavirus in China. This makes the authorities tighten the quarantine restrictions. The market already has experience reacting to such cases: business and consumer activity drop in large cities. This, in turn, will hurt fuel consumption in China.

Baker Hughes announced on Friday that the number of drilling rigs had dropped by 2 to 610 units. In October, this index demonstrated growth for the first time since July this year; however, this does not change the global stagnation. Shale producers abstain from increasing investments in the sector because crediting in the US is becoming more expensive.

On H4, Brent completed a wave of growth to 97.07. Today the market continues developing a correction. Crude oil is expected to reach 93.70, with a consolidation range possibly forming around. With an escape downwards, correction may continue till 92.66. Technically, the scenario is confirmed by the MACD: its signal line has escaped the histogram area and is headed directly down.

Brent 4-hour price chart.
Brent 4-hour price chart.

On H1, Brent is forming a consolidation range of around 94.84. A wave of correctional decline is likely to continue to 93.66. The goal is local. The growth to 94.84 is expected (a test from below), followed by a decline to 92.66. Technically, the scenario is confirmed by the Stochastic oscillator: its signal line is under 50. Further decline to 20 is expected.

Brent 1-hour price chart.
Brent 1-hour price chart.

Disclaimer: Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Crude Oil Tries To Correct
 

Related Articles

Crude Oil Tries To Correct

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email