Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Crude Oil Reached New Highs Again

By Dmitriy GurkovskiyCommoditiesOct 25, 2021 12:33
uk.investing.com/analysis/crude-oil-reached-new-highs-again-200500539
Crude Oil Reached New Highs Again
By Dmitriy Gurkovskiy   |  Oct 25, 2021 12:33
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Early in another October week, the oil market continues rallying and reaching new highs. Brent has already broken $86 and this growth is not over yet – the possibility of the oil prices collapse is very low.

The “wild” and stable demand for the oil remains the key trigger for this rally. The global economy requires energy while experiencing a supply shortage. This is what makes oil prices go up.

The latest data from Baker Hughes showed that the Total Rig Count in the US dropped for the first time in seven weeks: the indicator lost 2 units, down to 443.

OPEC+ is going to have another meeting next week, which means that investors will hear plenty of different comments about oil production and demand parameters in the coming days.

In the H4 chart, after completing the correction at 84.43 and rebounding from this level, Brent is growing to reach the upside border of the consolidation range at 86.00. Today, the asset may break 86.20 and consolidate there. Later, the market may break this range to the upside and form one more ascending towards 88.00 or even reach the target at 90.00. From the technical point of view, this scenario is confirmed by MACD Oscillator: its signal line is moving above 0 within the histogram area and may continue growing towards new highs.
 

Brent
Brent

 
As we can see in the H1 chart, after forming a new consolidation range around 85.50 and breaking it to the upside, Brent is expected to trade upwards with the target at 87.27. After that, the asset may start a new correction towards 86.00 and then resume growing to reach 90.00. From the technical point of view, this idea is confirmed by the Stochastic Oscillator: its signal line is moving below 80 and may fall a little bit to reach 50. After that, the line may rebound from the latter level and start another growth towards new highs.
 
Brent price chart
Brent price chart


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 Reached New Highs Again
 

Related Articles

Dmitriy Gurkovskiy
Crude Oil is Feeling Down Again By Dmitriy Gurkovskiy - Nov 22, 2021

Early in another November week, the Brent price went down again – it is trading at $78.75 and remains below the psychologically important level of $80, thus making market players...

Anastasiia Scavo
Gold Is Looking for a Rally By Anastasiia Scavo - Oct 22, 2021 1

When I was recently looking at the gold prices chart from the perspective of the coming months, I saw minor indications that prices may break through the strong resistance around...

Crude Oil Reached New Highs Again

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.
 
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