FXOpen
As seen on the XBR/USD chart, Brent crude oil prices are hovering near last week’s highs this morning as market participants assess various influencing factors, including:
→ New U.S. sanctions on Iran, which are limiting its export capacity and tightening global supply, particularly to China.
→ Ongoing negotiations between the U.S., Ukraine, and Russia in Saudi Arabia, which could potentially lead to increased Russian oil exports.
→ OPEC+ plans to raise oil production starting in April.
Technical Analysis of XBR/USD
From a technical perspective, Brent crude oil is trading near a key resistance zone, which consists of:
→ A bearish Fair Value Gap (highlighted in purple).
→ The upper boundary of the descending channel.
→ The upper boundary of a narrowing triangle (shown in black), which can be interpreted as a Rising Wedge pattern.
The Rising Wedge may represent a corrective rebound within a broader bearish trend. If buyers fail to break through this resistance zone, Brent crude prices could resume their downtrend within the red channel.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Gold Price Analysis: Market Awaits Key Updates
The ADX indicator on the 4-hour XAU/USD chart has dropped to a multi-month low, signalling the absence of a clear trend.
At the same time, a technical assessment of price movements allows for the construction of a symmetrical triangle
NIO Shares Drop Below $5
As the chart shows, the share price of NIO Inc. (NIO), the Chinese manufacturer of “smart” electric vehicles, has fallen by roughly 30% over the past month and this week slipped below $5 for the first time since mid-August.
Among
Dollar under Pressure after ADP as Investors Brace for Key Data Releases
The US dollar continues to retreat following weaker-than-expected ADP figures, which strengthened expectations of a softer Federal Reserve stance. The US private sector created far fewer jobs than forecast, a development markets interpreted as a sign of potential labour-market cooling