The BP Thunderhorse platform in the Gulf of Mexico. The oil majors are adapting to the fall in oil prices since 2012 and approving new projects despite competition from shale © FT montage; BP
Those traders who reckon charts can offer an insight into the future rather than just perform as a record of the past, may want to consider taking a squint at the picture being painted by Brent crude.
The price of the global energy benchmark has been trundling higher since its recent low in June. Investors seem to be more relaxed that synchronised global economic growth can support oil demand to the extent that it continues reducing inventories.
And perhaps the recent storms in the south-east US have reminded some traders that supply shocks can come at any time. The upshot is that by mid-session on Thursday, Brent was trading around $55.50 a barrel, its highest since mid-April.
And this brings some interesting technical issues into play.
First, as the chart shows, the Brent price now appears set to challenge the roughly $54-$57 channel in which it meandered for a number of months in the winter.
That level will be viewed as resistance and, if breached, could encourage fresh bullish bets. In addition, the Brent contract’s 50-day moving average is only about $1 below the 200-day moving average. When the 50 moves through the 200 and both are upward sloping this is deemed a “golden cross” — another potentially bullish signal.
Finally, Brent’s 14-day relative strength index — a momentum gauge — is currently 67, still below the “overbought” threshold at 70.
http://ift.tt/2ws0S4R
Tidak ada komentar:
Posting Komentar