Home Market Brent continues to grow

Brent continues to grow


By RoboForex Analytical Department

Crude oil industry is trying to keep up with the news flow. The Brent barrel is now 85.25 US dollars

China has now changed its economic growth forecast to 5.0%, from 5.5% previously. The capital market was very unhappy about this change, as it had depended on China’s energy carriers. The Chinese GDP grew only 3% last year. The decrease in the target date for 2023 may be an attempt to set more realistic goals and achieve them efficiently. Unfortunately, things are not looking good at the moment.

Although the market is not showing any fundamental signs of optimism at this time, there are still local waves and purchases.

Brent has formed a consolidation range at 83.83. A path to 87.52 is possible with an escape upwards. Once this level has been reached, it is possible to link correction to 83.83, and then further growth to the 87.52. This is only half the wave. After the goal of growth is reached, a decline to 83.83 might follow, and then — growth to 94.80. This scenario can be technically confirmed by the MACD. Its signal line is higher than zero in the histogram region, indicating growth to new heights.

The structure of the fifth wave to 85.80 growth has been…

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