Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crude Oil Continues Recovering

By Dmitriy GurkovskiyCommoditiesJun 21, 2021 10:55
uk.investing.com/analysis/crude-oil-continues-recovering-200482398
Crude Oil Continues Recovering
By Dmitriy Gurkovskiy   |  Jun 21, 2021 10:55
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

The commodity market is starting another week of June with a recovery. Expectations of a relatively stable demand for energies continue pushing oil upwards. This first thing this optimism is based on is the speed of the anti-coronavirus vaccination campaign around the globe. Another factor is that many countries are slowly removing social restrictions imposed at the start of the pandemic. Taken together, these aspects have a positive influence on the demand for oil and crude products.
 
Another round, the sixth one, of US-Iranian negotiations on the nuclear deal was over last Sunday and it really does matter for the commodity market: if everyone is expecting a quick economic recovery, in the Northern hemisphere especially, then the oil supply has to be quite significant.
 
In this light, no one is scared of Iran’s potential return to the oil market and export anymore – it’s quite obvious that Iran may help to gradually expand the supply without any stress.
 
In the H4 chart, after rebounding from 70.00, Brent is still forming the ascending wave with the short-term target at 75.55; it has already reached 73.43. Possibly, the asset may consolidate around the latter level and then break the range to the upside to reach the above-mentioned target. Later, the market may start a new pullback to return to 70.00 and then resume trading within the uptrend towards 90.00. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving below 0 and may leave the histogram area, thus confirming a possible growth on the price chart.
 

Brent
Brent

 
As we can see in the H1 chart, after completing the ascending structure at 73.50, which may be considered half of another wave to the upside, Brent is expected to correct towards 72.32 and may later form one more ascending structure reach 74.74. After that, the instrument may fall to test 73.50 from above and then resume trading upwards with the target at 75.55. From the technical point of view, this idea is confirmed by the Stochastic Oscillator: its signal line moving above 50 and may soon start falling towards 20, which implies a slight decline and then another growth on the price chart.
 
Brent
Brent


By Dmitriy Gurkovskiy, Chief Analyst at RoboForex
 
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 Continues Recovering
 

Related Articles

Crude Oil Continues Recovering

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with 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
  • 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.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. 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.

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.
Comments (1)
Tan Tan
Tan Tan Jun 21, 2021 23:06
Saved. See Saved Items.
This comment has already been saved in your Saved Items
there is no problems the market needs a price and traders are here to provide the figures
 
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
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email