Yesterday at a glance: with a daily low of $80.73, ICE Brent crude closed yesterday at $82.73 per barrel, after ending Thursday at $81.59 and gaining $1.14 (1.4%).
Brent crude upside coincides with further encouraging market factors as highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000.
Nevertheless, United States Unemployment Rate published yesterday at 13:30 UTC came out at 3.6, falling short of the 3.4 projections and continuing its decline from the previous 3.4 figure.
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Brent crude oil made an initial breakout above its 3 day Simple Moving Average at $82.53, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Brent crude oil is oscillating around the key Fibonacci resistance level of $82.21. Brent crude oil's lower Bollinger Band® is at $80.72, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Brent crude could be slowing down soon as it approaches resistance at $83.6. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Brent crude to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Brent crude is expected to pick up significant bullish sentiment in the coming days.
Rallies can also be seen in other Energy, Heating Oil is trading around $2.78 after ending yesterday's session at $2.67 (up 4.22% today). Crude Oil ascends 1.27% yesterday and closed at $75.72.
Meanwhile, Natural Gas draws back 4.21% yesterday and closed at $2.54.
Approximately 9 months ago, Brent crude oil reached a significant high of $123.6 but has struggled to hold onto its gains and declined 34% since then.