{"id":14954,"date":"2021-09-07T06:44:00","date_gmt":"2021-09-07T05:44:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=14954"},"modified":"2021-09-07T11:53:48","modified_gmt":"2021-09-07T10:53:48","slug":"brent-crude-technical-analysis-keep-a-close-watch-on-70-00","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-keep-a-close-watch-on-70-00\/","title":{"rendered":"Brent Crude Technical Analysis &#8211; Keep a close watch on $70.00"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14954\" class=\"elementor elementor-14954\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-32fbf72 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"32fbf72\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fc9bdf2\" data-id=\"fc9bdf2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0f493b8 elementor-widget elementor-widget-text-editor\" data-id=\"0f493b8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3Bn3Edm\" target=\"_blank\" rel=\"noopener\">Brent<\/a> crude oil has continued recent price volatility after Saudi Arabia, the world\u2019s top oil producer, cut the prices for Asia over the weekend, sending a signal that global markets are possibly over-supplied.<\/p><p>The price of Brent had already taken a big hit due to the fact that last Friday\u2019s job report was much softer than expected, further hinting that all is not well with the world\u2019s largest economy.<\/p><p>The state-owned company, Saudi Aramaco, told its clients in an official statement that it will cut October futures prices for all crude grades sold to Asia by $1. Asia is the Kingdom\u2019s biggest market, with China obviously making up a significant bulk of where the demand comes from.<\/p><p>Losses have been capped by concerns that U.S. supply would remain limited in the wake of Hurricane Ida. The hurricane also led U.S. energy firms to cut last week the number of\u00a0oil\u00a0and natural gas rigs operating for the first time in five weeks, data from Baker Hughes showed on Friday.<\/p><p>Another factor to consider is risk-off sentiment. Oil prices are often seen as a proxy for risk-on and risk-off sentiment. Due to weakening Chinese and US data it may be hard for oil prices to rally, despite the promise of more QE for the FED for longer.<\/p><p>Retail market sentiment towards Brent Crude is also still bullish, which typically bodes ill for further gains, and could hint at more losses, or at least the fact that it may be premature to be bullish towards Brent.<\/p><p>The ActivTrader Market Sentiment tool shows that some 65 percent of traders are bullish towards further gains in Brent oil. This is a drop of the bullish sentiment of around 10 percent since last week. In reality, probably need to see sentiment dropping significantly before a sustainable rally can take hold.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6a62d17 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6a62d17\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-444ea2e\" data-id=\"444ea2e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b80e772 elementor-widget elementor-widget-image\" data-id=\"b80e772\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3Bn3Edm\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"296\" height=\"102\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/09\/brent-chart.png\" class=\"attachment-large size-large wp-image-14958\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9245100 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9245100\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-60874a9\" data-id=\"60874a9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-672b9b2 elementor-widget elementor-widget-text-editor\" data-id=\"672b9b2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Brent Crude Oil Short-Term Technical Analysis<\/strong><\/p><p>According to the four-hour time frame Brent crude is still trapped inside large falling wedge pattern, following the late August recovery from close to the $65.00 level.<\/p><p>The overall size of the typically price pattern is predicting a coming $5.00 price move to the upside. Bulls need to hold the price above the $70.00 to keep any hopes of an upside breakout alive.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9aa9401 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9aa9401\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a1ae00d\" data-id=\"a1ae00d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c79c246 elementor-widget elementor-widget-image\" data-id=\"c79c246\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3Bn3Edm\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"352\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/09\/brent-4h.png\" class=\"attachment-large size-large wp-image-14960\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-71b89efb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"71b89efb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-38526d93\" data-id=\"38526d93\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48a98c29 elementor-widget elementor-widget-text-editor\" data-id=\"48a98c29\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3Bn3Edm\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-06a6311 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"06a6311\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a1a5d21\" data-id=\"a1a5d21\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5c5301f elementor-widget elementor-widget-text-editor\" data-id=\"5c5301f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Brent Crude Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time chart, a potential large, inverted head and shoulders pattern, with over $10.00 upside potential, remains a big focus of medium traders.<\/p><p>A move above the $77.00 level would likely take Brent crude towards $90.00. As per short-term analysis, much will depend how Brent acts around the $70.00 to $75.00 price range over the coming days and weeks. I suspect in September Brent will make a big move.<\/p><p>It should be added that much will depend on the fundamentals, as oil will probably need to see the United States and Chinese economy recovering in order to drive demand.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-cfd5abe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cfd5abe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8419cde\" data-id=\"8419cde\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c8c9af0 elementor-widget elementor-widget-image\" data-id=\"c8c9af0\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3Bn3Edm\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"343\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/09\/brent-1d.png\" class=\"attachment-large size-large wp-image-14961\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-747f95c0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"747f95c0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-76f65545\" data-id=\"76f65545\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7263384a elementor-widget elementor-widget-text-editor\" data-id=\"7263384a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3Bn3Edm\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Brent crude oil has continued recent price volatility after Saudi Arabia, the world\u2019s top oil producer, cut the prices for Asia over the weekend, sending a signal that global markets are possibly over-supplied. The price of Brent had already taken a big hit due to the fact that last Friday\u2019s job report was much softer [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":14956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[58,224],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Brent Crude Technical Analysis - Keep a close watch on $70.00 - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-keep-a-close-watch-on-70-00\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brent Crude Technical Analysis - Keep a close watch on $70.00\" \/>\n<meta property=\"og:description\" content=\"Brent crude oil has continued recent price volatility after Saudi Arabia, the world\u2019s top oil producer, cut the prices for Asia over the weekend, sending a signal that global markets are possibly over-supplied. The price of Brent had already taken a big hit due to the fact that last Friday\u2019s job report was much softer [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-keep-a-close-watch-on-70-00\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-07T05:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-07T10:53:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/09\/GettyImages-494545396.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"511\" \/>\n\t<meta property=\"og:image:height\" content=\"275\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-keep-a-close-watch-on-70-00\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/brent-crude-technical-analysis-keep-a-close-watch-on-70-00\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Brent Crude Technical Analysis &#8211; 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