Comprehensive NZD/USD Analysis for October 19, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the NZD/USD for 19th October 2023. 

Key Takeaways 

• CPI data lower than expected: The decline in price levels means that the monetary policy of RBNZ is no longer tense. The market expects RBNZ to raise interest rates in February next year instead of November this year. 
• Political changes in New Zealand: The opposition National Party won the parliamentary election. 
• The U.S. dollar index rose slightly: Federal Reserve Governor Waller changed his tone and said that the Federal Reserve may need to continue to raise interest rates. The U.S. dollar index rose, closing up 0.33% yesterday at 106.58. 

NZD/USD Technical Analysis 

NZD/USD Weekly Chart Insights

• Price Action: The pin bar last week suggests that the New Zealand dollar’s downward trend is not over yet. The price has fallen below last week’s low price. 
• Stochastic oscillator: The indicator once again formed a dead cross in the oversold area, and short-term power prevailed. It is worth noting that due to the weak correction of the exchange rate from September to October, the indicator has the probability of forming a bottom divergence structure. It implies that even if the market falls this week, there is a probability that the price will reverse upward at any time next week. 
• Fibonacci retracement ratio: The market began to rise in mid-October last year and began to adjust in January this year. It fluctuated slightly at 61.8%. Since it continues to decline this week, the next target is the Fibonacci retracement price of 78.6%. 

NZD/USD 4-hour Chart Analysis

• Upward channel destruction: The entire upward channel line (red) was completely destroyed after yesterday’s rapid decline, and the short intraday trend is strong. 
• Price Action: After the market price fell back on the 5-period moving average, it formed a doji structure. Then the exchange rate fell below the low of doji bar, and the short trend was confirmed. 
• Stochastic oscillator: The indicator crosses over again in the oversold area. Although shorts are crowded, one cannot take risks by entering the market to buy the dip. If you want to go long, you can only wait until the bull trend is established and then observe. 

Ultima Markets MT4 Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 0.58757, 
• Bullish Scenario: Bullish sentiment prevails above 0.58757, first target 0.59005, second target 0.59448; 
• Bearish Outlook: In a bearish scenario below 0.58757, first target 0.58322, second target 0.58071. 

Conclusion 

U.S. Retail Sales Thrived in September 2023

As we delve into the latest economic data for September 2023, it becomes evident that the U.S. retail and manufacturing sectors are experiencing notable developments.

This comprehensive report highlights the key statistics and trends that are shaping these critical segments of the American economy.

Consumer Spending Takes the Lead

In September, U.S. retail sales increased by a solid 0.7%, building on the previous month’s 0.8% rise. This is good news, especially given the challenges posed by high prices and borrowing costs. Consumers continued to show confidence by spending more than expected, defying economic uncertainties.

Leading Categories

Several categories saw remarkable growth:

• Miscellaneous store retailers: Up by 3%
• Non-store retailers: A solid increase of 1.1%
• Motor vehicles and parts dealers: An impressive 1% growth
• Gasoline stations: 0.9% increase

It’s important to note that these figures don’t account for inflation, making these results even more noteworthy.

(Retail Sales, United States Department of Commerce) 

Diverse Sectors Register Growth

In addition to the standout categories, other sectors also did well:

• Food services and drinking places: 0.9% rise
• Health and personal care stores: An 0.8% increase
• Food and beverage stores: 0.4% growth
• General merchandise stores: Also up by 0.4%

However, some sectors experienced declines:

• Electronics and appliances: Decreased by 0.8%
• Clothing stores: A drop of 0.8%
• Building material and garden equipment stores: A slight dip of 0.2%

Even when we exclude automobile sales, gasoline, building materials, and food services, retail sales still rose by a solid 0.6%. These results are a testament to consumer resilience in the face of economic challenges.

Strong U.S. Manufacturing Output Growth 

Manufacturing Shines

In September, production in U.S. factories increased more than expected, even though there were strikes in the automobile industry that limited the production of motor vehicles. This is additional proof that the economy finished the third quarter with strength. 

Positive Manufacturing Data

The Federal Reserve reported a 0.4% increase in manufacturing output last month. In contrast, the data for August was revised downwards, showing a 0.1% decrease in factory production, instead of the previously reported 0.1% increase. Economists surveyed by Reuters had predicted a 0.1% uptick in factory output. 

Year-on-Year Analysis

Looking at the year-on-year basis, production saw a 0.8% decline in September, with no change in the third quarter. Durable goods manufacturing output increased at an annualized rate of 2.3%, but this was offset by a 2.4% decline in nondurable manufacturing. 

(Manufacturing Production MoM, FED) 

Summary

In summary, the data for September 2023 highlights a resilient U.S. retail sector and a manufacturing industry that’s bouncing back from challenges. Consumers are spending with confidence despite rising prices, and manufacturers are adapting positively.

Staying informed and agile in these sectors is essential for businesses and investors looking to seize the opportunities presented by these trends.

Comprehensive Brent Oil Analysis for October 18, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BRENT OIL for 18th October 2023. 

Key Takeaways 

• Demand for Crude oil remains strong: U.S. retail sales recorded a monthly rate of 0.7% in September, exceeding expectations of 0.3%, growing for six consecutive months. Strong consumer spending power suggests crude oil demand remains supportive. 
• Crude oil production may increase: Saudi Aramco claimed that it can increase production within a few weeks if necessary. This is a factor affecting crude oil price fluctuations in the short term. However, on the basis of strong demand, oil prices still surged after the market digested this news. 
• The Israeli-Palestinian conflict has not ceased: On the eve of Biden’s visit to Palestine, the Israeli military air raided hospitals in the Gaza Strip, killing more than 500 people. The Israeli military denied this. The market is weighing the possibility of expanding conflicts in the Middle East, and risk aversion still supports oil prices. 

Brent Oil Technical Analysis 

Brent Oil Daily Chart Insights

• Price Action: After two trading days oscillating, the price was blocked by the 33-day moving average (black) and closed with a pin bar. The final closing price also stood above the 5-day moving average (green). The short-term adjustment of the market may have already finished. 
• Stochastic Oscillator: The price still has not broken through last Friday’s high. The stochastic indicator are very fragile. Bulls have the motivation to break through the previous high. Otherwise, the market will fall into a longer period of correction.  

Brent Oil 1-hour Chart Analysis

• Alternative trend lines: Ultima Markets has previously shared the use of alternative trend lines. Such a structure has appeared on the 1-hour cycle of crude oil. The rapid rise stepped back on the alternative trend line (red), and the price stepped back on it again yesterday. At the same time, a pin bar appeared. The subsequent upward trend suggested that the adjustment has ended. 
• The key resistance level: $90.8 is an important resistance level for crude oil. It is also the neckline of the top structure. It suggested that the bulls were beginning to gain the upper hand. 
• Stochastic Oscillator: The technical indicator once again formed a golden cross.Bulls will maintain momentum until the indicator completely enters the overbought zone.  

Ultima Markets Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 90.851, 
• Bullish Scenario: Bullish sentiment prevails above 90.851, first target 91.635, second target 92.638; 
• Bearish Outlook: In a bearish scenario below  90.851, first target 89.865, second target 89.072. 

Conclusion 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

The Resilient Rise of Wegovy and Ozempic

The Danish pharmaceutical company, Novo Nordisk (NVO), has recently updated its financial outlook for the year due to the increasing demand for its weight loss drug, Wegovy, and diabetes medication, Ozempic.

These drugs are administered through weekly injections and have been sought after by patients for their significant weight loss effects. 

These two medical innovations have taken the pharmaceutical world by storm, delivering remarkable results for patients who have long sought effective solutions for their health concerns.

Novo Nordisk Market Triumph

Novo Nordisk’s financial outlook for the year has seen a remarkable revision, reflecting the surging popularity of Wegovy and Ozempic.

As demand for these life-changing drugs continues to grow, the company is now anticipating a substantial boost in sales.

Novo Nordisk’s revised forecast suggests a growth in sales between 32% to 38%, up from the previous estimate of 27% to 33%.

The company also anticipates an operating profit growth of 40% to 46%, an increase from the earlier prediction of 31% to 37%.

It’s evident that Novo Nordisk’s optimistic outlook is fueled by the unanticipated success of Ozempic, particularly in the U.S. market.

Novo Nordisk’s Stock Hit YTD High 

The popularity of Wegovy and Ozempic has propelled Novo Nordisk to become Europe’s most valuable company. The company’s U.S.-listed shares (ADR) also saw a new high for the year.

This exceptional market performance is a testament to the company’s unwavering commitment to improving the health and well-being of individuals around the world.

The market is keenly awaiting Novo Nordisk’s third-quarter earnings report, scheduled for release on November 2nd, which is expected to underscore the company’s impressive growth trajectory.

Strategic US$1.3B Acquisition: Ocedurenone

In a strategic move to further expand its portfolio and contribute to improved healthcare, Novo Nordisk has made a substantial acquisition.

Novo Nordisk has decided to buy the new drug called Ocedurenone for $1.3 billion from KBP Biosciences. The drug can help people with high blood pressure that is hard to control.

This acquisition, set to be finalized by the end of 2023, is anticipated to be a game-changer in the field of cardiovascular health. Importantly, it’s worth noting that this acquisition is not expected to affect Novo Nordisk’s overall profit for the year, ensuring that the company’s financial stability remains intact.

(Novo Nordisk ADR YTD Chart) 

Novo Nordisk’s continuous commitment to pioneering medical breakthroughs, coupled with its exceptional market performance, solidifies its position as a key player in the pharmaceutical industry.

The company’s unwavering dedication to improving patients’ lives is reflected in their outstanding financial results and their strategic acquisitions, setting the stage for a promising future in healthcare.

Novo Nordisk Transformative Impact

In conclusion, Novo Nordisk’s success story is a testament to the transformative impact of Wegovy and Ozempic.

Their upwardly revised financial forecast, soaring stock performance, and strategic acquisitions are all indicators of a company that’s dedicated to making a meaningful difference in the lives of people worldwide.

As Novo Nordisk continues to innovate and meet the ever-growing healthcare needs of the population, its future prospects appear exceedingly bright.

For the latest news and updates, delve deeper into our articles.

Comprehensive XAU/USD Analysis for October 13, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the XAU/USD for 17th October 2023. 

Key Takeaways 

• Market sentiment: The Palestinian-Israeli conflict is still ongoing, and the conflict may continue for a long time. As a result, short-term market risk appetite recovered, and gold prices fell slightly. 
• The probability of the Federal Reserve raising interest rates is reduced: Federal Reserve Board member Harker continues to be dovish, reiterating that the Federal Reserve should not consider further raising interest rates and that inflation is expected to weaken. The probability of not raising interest rates in November is over 90%, and the probability of raising interest rates in December is only 30%. 

XAU/USD Technical Analysis 

XAU/USD Weekly Chart Insights 

• Price action: The bar showed a bullish price action, but it still needs to wait for this week to break through last week’s high. 
• Stochastic Oscillator: The fast line has crossed the slow line, suggesting that the bulls are currently dominant. When entering the market, you need to wait patiently for the price to break through last week’s high. 

XAU/USD Daily Chart Analysis 

• Elliot Wave: The rapid rise since last Friday is temporarily regarded as motive wave 1, and the internal wave structure is obviously incomplete. This means that the market will continue its upward trend after short-term adjustments. The target looks towards the end point of the double zigzag wave X, which is the key price level. 
• Joint resistance area: In addition to the double-zigzag wave, the early neckline extension will also be near the price. It needs to wait for the market to completely break through this resistance range. At that time, short-term long positions may be closed and exited near this price. 
• Stochastic oscillator: Technical indicators have just entered the overbought zone, and the market’s bull momentum is still very strong. You need to switch to a smaller period chart and pay attention to the opportunity to enter the market at any time. 

Ultima Markets Pivot Indicator 

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1919.52, 
• Bullish Scenario: Bullish sentiment prevails above 1919.52, first target 1930.51, second target 1941.23; 
• Bearish Outlook: In a bearish scenario below 1919.52, first target 1908.93, second target 1897.81. 

Conclusion 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

U.S. oil production hits record high 

The U.S. Department of Energy announced on Oct. 12 that U.S. crude oil production had hit an all-time high of 13.2 million barrels per day, entirely wiping out Covid-era losses of more than 3 million barrels per day. Meanwhile, the S&P 500 Energy Index tripled after three and a half years.  

Oil demand has slowly rebounded after the 2020 downturn and lingering supply-chain shock. And rising prices for WTI crude – which careened during Covid to less than $15 a barrel, shot back to $120 in 2022, and is now near $90 – can make previously unprofitable plays work. 

(US oil production，Energy Information Administration) 

Oil companies conservative in capital spending 

U.S. oil companies cut capital spending to $106.6 billion last year from $199.7 billion in 2014, according to Statista, contributing to the decline in oil production and arguably delaying the recovery. And they put that money to work paying higher dividends and doing stock buybacks.  

According to Energy Department data, oil and gas companies paid about $75 billion per quarter last year. The department says the share of oil-company operating cash flow going to shareholders rose to half of operating cash flow from about 20% in 2019. 

(S&P Energy Sector Index) 

Higher productivity per crude well 

Offsetting the decline in capital spending is higher productivity per well — while all of the U.S. oil production is back, the closely watched Baker-Hughes rig count is barely half of 2018 levels. The average production per rig of new wells just topped 1,000 barrels a day, up from 668 four years ago, according to the Energy Department. So the industry didn’t have to add a ton of new wells or drill in as many new places to recover fully. 

Even as more cars go electric, demand from older cars and uses of oil in chemicals will keep the oil business very large. “The U.S. production will rise to 13.6 million barrels per day next year and 13.9 million in 2025. After that, forecasts get more difficult because so much can change, but by late this decade oil consumption should peak before beginning to ebb”, Rystad Energy said. 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

Why You Should Join A Live Trading Competition?

Winning prizes in every live trading competition is frequently the first thing traders will consider. Unsurprisingly, forex brokers will treat trading competitions like bonuses and give away incredible prize structures.  

For forex brokers, trading competition is one of the most successful promotional tools out there, which makes the competition unique in that it offers more than just money rewards. 

If you are considering joining a live trading competition today, this article will explain 5 benefits that you must know. 

1. Sharpening trading skills

Refining your trading skills is crucial whether you are a new trader with untested skills or seeking strategies to improve it. Enhancing your trading techniques and expertise might boost your confidence. 

In a volatile situation, for instance, confidence may suffer; therefore, improving your confidence will help you make trade decisions based on information and experience rather than emotion. 

Hence, a trading competition is the ultimate way to sharpen and test your trading skills against fellow traders worldwide.

Live competitions provide a real-world platform to hone your trading strategies, test your skills, and gain valuable experience. 

2. Experience gaining 

Reading about trading activities and methods can provide traders with a wealth of information.  

Live trading competition allows you to put your knowledge and techniques to the test, and the results might help you plan your future trading actions.  

In addition, the experience you gain will allow you to test your strategies on new currency pairs or transform theory and trading ideas into real trading opportunities. 

3. Assess strategies for risk management  

Risk management and loss mitigation are essential to trading success regardless of market conditions.  

Still, you may be wondering if your trading strategy is too conservative. Participating in a trading competition allows you to learn about the risks and benefits of methods you might not have tried otherwise.  

A live trading competition also allows you to test various risk management tactics and compare your performance to others to see how your strategies stand out. 

4. Help you learn more about yourself

Another great benefit of a live trading competition is to help you learn more about yourself. Successful people often emphasize what is in their control and focus on it. 

Trading is a multi-level experience that will help you better analyse any situation by considering risk or reward for each potential outcome of your choices.  

That is why you need to focus. A focus can provide a driving point that narrows your attention and helps you remove all distractions. 

5. Win attractive prizes 

This is what a participant in a competition is looking for, and being able to win attractive prizes for your trading skills and the profits you will make during the live trading competition.  

For example, Ultima Markets is now hosting the first-ever Live Trading Competition. It offers a chance to demonstrate your trading prowess in a real-time trading environment, compete against fellow traders, and win exciting prizes.  

Starting on 10 October 2023 and ending on 15 December 2023, ten participants who adhere to all contest rules and achieve the highest returns (based on the percentage increase in account equity) during the competition period will be declared the top winners for a US$50,000 in total prizes.  

Are you ready to participate in this most prestigious live trading competition? Click here to learn more about the Live Trading Competition. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

Comprehensive EUR/NZD Analysis for October 13, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the EUR/NZD for 13th October 2023. 

U.S. CPI Rose: U.S. CPI rose for the second consecutive month in…..

Key Takeaways 

EUR/NZD Technical Analysis 

EUR/NZD Daily Chart Insights

• Price action: The price finally breakthrough pin bar above. As analyzed on Wednesday, the market will most likely start a bullish trend this week, and is about to form a “W-shaped” bottom structure. 
• Moving average: From the perspective of moving average technical indicators, the exchange rate was eventually blocked and rebounded on the 240-day moving average. The 33-day and 63-day moving average is near the resistance area of 1.78238. There is a certain probability that the exchange rate will be blocked and adjusted today. 

EUR/NZD 4-Hour Chart Analysis

• Stochastic Oscillator: Technical indicators show that the market has been seriously overbought, and the market has strong motivation to adjust. 
• Moving average: Above the price is the 200-period moving average. Similar to the daily chart, the combined resistance area will suppress the exchange rate from rising further. 
• Elliot Wave: The rapid rise since yesterday is currently judged to be motive wave 3. After the correction, the exchange rate has a certain probability of stepping back on the upper edge of the upward channel. It is also the moving average support level in the 65 and 33 period areas. 

Pivot Indicator

• According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1.77224, 
• Bullish Scenario: Bullish sentiment prevails above 1.77224, the first target is 1.78287, the second target is 1.78902. 
• Bearish Outlook: In a bearish scenario below 1.77224, first target 1.76614, second target 1.75563. 

Conclusion

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved. 

FOMC meeting minutes published 

The U.S. Federal Reserve released the minutes of its September meeting on the 11th. To bring inflation back to the 2% target, maintaining a restrictive monetary policy is key. Most officials judged that it may be appropriate to raise interest rates again at future meetings. Some, however, believed that further interest rate hikes were not necessary. The minutes of the meeting also pointed out that the U.S. economy is expanding at a stable pace and the labor market is gradually reaching balance. However, inflation continues to be higher than the Federal Reserve’s target. Federal Reserve officials estimate that economic growth must fall below 1.8% to allow the trend of rising prices to be eased. 

Sep. PPI increased 0.5% MoM 

The U.S. Bureau of Labor Statistics also released inflation data. Producer prices in the US rose 0.5% month-over-month in September 2023, the least in three months, following a 0.7% rise in August, but above market forecasts of 0.3%. Goods prices were up 0.9%, prompted by a 5.4% surge in gasoline cost. 

(PPI MoM , U.S. Bureau of Labor Statistics) 

Sep. Core PPI increased 0.3% MoM 

Core producer prices in the United States were up by 0.3% over the previous month in September of 2023, following a 0.2% rise in the previous month and slightly above market expectations of a 0.2% increase. On a yearly basis, core consumer prices advanced by 2.7%, after an upwardly revised 2.5% rise in August and surpassing market estimates of a 2.3% increase, which might prompt the Federal Reserve to keep interest rates elevated for an extended period. 

( Core PPI MoM , US Bureau of Labor Statistics) 

Rising bond yields could reduce expectations for rate hikes 

FOMC has raised its benchmark interest rate 11 times to a target range of 5.25% to 5.5%, a 22-year high. Treasury yields have been rising sharply after the last meeting. If the situation persists, rising yields could eliminate the need for another rate hike. 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

Comprehensive Brent Oil Analysis for October 12, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the Brent Oil (UKOUSD) for 12th October 2023. 

Key Takeaways 

• Dovish speeches : Federal Reserve Board Governor Waller and Atlanta Fed President Bostic have continued their recent dovish stances. The market is betting that the probability of raising interest rates in November is less than 9%. 
• The reduction agreement may be extended: Putin said that the OPEC+ (production reduction) agreement is likely to be extended, and further measures may be taken next year to stabilize the market. 
• API inventories surge: U.S. API crude oil inventories increased by nearly 13 million barrels last week, the largest increase since January. As supply concerns subside and API crude oil inventories increase significantly, U.S. and Brent oil prices fell in the short term. 

Technical Analysis In Brent Oil Trading Chart

Brent Oil Daily Chart Insights

• Stochastic Oscillator: The indicator has a downward trend today, but it has not yet clearly formed a “dead cross”. We need to wait for confirmation of today’s oil price trend. 
• Price Action:  The price gap below is a common potential support price. The market will have a certain probability of rebounding and rising. 
• Moving average: The price that jumped in the early stage fell after being blocked by the 33-day moving average, and the first target below is the 240-day moving average. This price overlaps with the price gap, so the decline today is temporarily judged as an adjustment.  On the contrary, only after falling below the low price of October 6 can it be confirmed that crude oil prices will continue to follow a long-term short trend.

Brent Oil 1-Hour Chart Analysis

• Fibonacci price: Temporarily judge that the current downward trend is the adjustment structure of the previous upward trend. It can be seen from the Fibonacci retracement line (black) and Fibonacci extension level (red) that it has reached 61.8. % callback and 100% proportional expansion position, the market has a certain probability of support. If it continues to break down, the market will look toward the 78.6% correction and 138.2% proportional expansion. 
• Stochastic Oscillator: The indicator went down again during today’s Asian trading session. Wait for the “golden cross” to appear in the oversold area to confirm the arrival of the bull trend. 

Brent Oil Pivot Indicator

According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 87.055, 

• Bullish Scenario: Bullish sentiment prevails above 87.055, first target is 87.978, second target is 89.880. 
• Bearish Outlook: In a bearish scenario below 87.055, first target 85.152, second target 84.229. 

Conclusion for Brent Oil Analysis

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Legal Documents 

Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius. 

Disclaimer

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Copyright © 2023 Ultima Markets Ltd. All rights reserved.