A 4 day downtrend has resulted in the asset losing $6.21. Today is looking a bit better: Brent crude oil trades at $90.11 per barrel, after ending yesterday at $89.78.
United States Existing Home Sales (Oct) is next.
Uncertainty around Brent crude is reflected by published market data as United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. Highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 222,000. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 million.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Brent crude oil has potential of recording further declines after crossing its lower Bollinger Band® at $91.03.
Despite the market lacking direction, technical chart analysis strongly suggests Brent crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is trading around $6.18 (down 19 cents). Crude Oil trades with no major change, around $82.14.
Furthermore, the market is looking at United States Existing Home Sales (Oct) scheduled to come out today at 15:00 UTC.
Trading mostly sideways for 30 days. Brent crude is now trading 30.47% below the significant high of $129.12 it set around 8 months ago.