HomeForex MarketCommodities Watchlist: Brent Crude Simply Hit A Vary Resistance

Commodities Watchlist: Brent Crude Simply Hit A Vary Resistance

The EU is having bother banning Russian oil.

Will this result in crude oil futures falling from their present resistance ranges?

Right here’s a setup that I’m taking a look at:

Brent Crude: 4-hour Chart

Greater demand, the dearth of a foreseeable peace settlement between Russia and Ukraine, and the EU presumably banning Russian oil raised U.Ok.’s crude oil costs from $101 to the $115 mark inside every week.

The commodity has discovered resistance at $115, although, which isn’t stunning because the space has been limiting the bulls’ recreation since late March.

Will the vary resistance maintain for one more day?

Take word that UKOIL has popped up a doji across the $115 zone and it seems just like the indecision will probably be adopted by a pink candlestick.

However wait, there’s extra! Stochastic can also be exhibiting a bearish divergence on the 4-hour chart which might entice extra sellers within the subsequent buying and selling classes.

Oil bears can benefit from the $115 resistance holding (up to now) and Hungary holding up the EU resolution to ban Russian oil.

Momentum beneath $115 might result in a retest of the mid-range ranges close to $108 the place the dynamic shifting averages are additionally hanging out.

If the EU succeeds in banning Russian oil, or if merchants recover from their danger aversion, then we might see crude oil futures break above their present ranges and head for his or her 2022 highs. Yipes!

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