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Oil

Brent oil buyers can ignore pullback from 18-day topWith hurricane Ida easing to category 3 storm and the market sentiment dwindles over geopolitical, as well as covid, woes, Brent oil prices step back from multi-day high towards $72.00 during early Monday. The commodity’s Asian session run-up couldn’t cross the 61.8% Fibonacci retracement of July–August downside. However, a convergence of 200-SMA and 50% Fibonacci retracement level near $71.80 restricts the quote’s short-term downside. Hence, oil buyers may remain hopeful unless breaking $71.80, after which the losses could mount as the sellers march towards 23.6% Fibonacci retracement level, also comprising lows marked since July 20, around $68.20. It’s worth noting that the fresh buying will aim for a clear upside break of 61.8% Fibonacci retracement level of $73.35. Following that, a downward sloping trend line from early July, near $74.40, will be important to watch for Brent oil buyers. In a case where the commodity bulls manage to cross the $74.40 hurdle, late July top near $76.60 may offer an intermediate halt during the rally towards the last month’s high near $78.45.
TVC:UKOILLong
by MTradingGlobal
CTS - #GBPCADThis analysis is designed to provide information that CTS believes to be accurate on the subject matter, but is shared with the understanding that the author is NOT offering individualized advice tailored to any specific portfolio or the particular needs of any individual. The author of the analysis specifically disclaims any responsibility for any personal or other loss or risk incurred as a consequence, directly or indirectly, of the use and application of any of the contents of this analysis.
Long
by CaliforniaTS