{"id":115024,"date":"2017-10-19T10:41:44","date_gmt":"2017-10-19T14:41:44","guid":{"rendered":"http:\/\/countingpips.com\/?p=115024"},"modified":"2018-06-01T15:55:31","modified_gmt":"2018-06-01T15:55:31","slug":"daily-market-report-brent-oil-pressuring-a-crucial-support-october-19-2017","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/10\/daily-market-report-brent-oil-pressuring-a-crucial-support-october-19-2017\/","title":{"rendered":"Daily Market Report \u2013 Brent Oil Pressuring A Crucial Support October 19, 2017"},"content":{"rendered":"
October 19, 2017<\/div>
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By<\/b> Mexgroup.com<\/a><\/p>\n

Brent Oil Plunges \u00a0<\/strong><\/p>\n

The price dropped sharply and erased the last two day’s gains. It could drop much deeper in the upcoming days if will close the day below the $57.30 per barrel.\u00a0 Brent is very heavy right now and seems poised to turn to the downside again in the upcoming period. The rate is pressuring an important dynamic support, a valid breakdown will signal a further drop in the upcoming period.<\/p>\n

I’ve said in the previous weeks that the rate could start a larger drop if will stabilize somewhere below the 57.00 psychological level. Price increased in the last weeks, but I’ve said that this could be only temporary and the bears could take the lead again on the short term.<\/p>\n

Brent drops even if the United States Crude Oil Inventories have dropped to -5.7 million barrels in the previous week, much below the -4.7M estimate and versus the -2.7M in the former reading period.<\/p>\n

\"19brent\"<\/a><\/p>\n

Price edges lower on the Daily chart and looks determined to take out the dynamic support from the median line (ML) of the major ascending pitchfork and the horizontal support from the 57.72 static support.<\/p>

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Will drop much deeper if will close below the median line (ML) of the ascending pitchfork. Technically, it is expected to drop much deeper after the failure to reach and retest the upside line of the ascending channel and the 59.50 previous high. Only a valid breakdown from the up channel will signal a further drop.<\/p>\n

EUR\/CHF Setting Up For Further Gains<\/strong><\/p>\n

\"19eurchf\"<\/a><\/p>\n

The rate dropped significantly today and recovered after the yesterday’s impressive rally. Is retesting the broken fifth waring line (wl5) of the former descending pitchfork, the 1.1536 broken horizontal resistance (resistance turned into support) and the upper median line (uml) of the minor descending pitchfork.<\/p>\n

A rejection from here will send the rate much higher in the upcoming period, the next target will be at the 1.1621 previous high.<\/p>\n

EUR\/GBP Testing A Confluence Area <\/strong><\/p>\n

\"19eurgbp\"<\/a><\/p>\n

EUR\/GBP increased sharply and resumed the minor rebound. Is pressuring the confluence between the minor downtrend with the median line (ML) of the major ascending pitchfork.\u00a0 A valid breakout through the confluence area and above the 0.9000 psychological level will accelerate the bullish momentum. Another drop will be confirmed by a rejection, followed by a minor drop.<\/p>\n

By Olimpiu Tuns – Market Analyst<\/strong><\/p>\n

\"Profil1\"<\/a><\/p>\n

I graduated a Master in Business Administration, I am a Market Analyst \/ Trader on Financial Markets (forex, commodities, futures, options) for more than 6 years, I use technical and fundamental analysis for my daily activity. Founder and Market Analyst at ovtbusiness.com (Financial Markets Blog) and contributor on investing.com, actionforex.com,\u00a0 countingpips.com, forexalchemy.com, etc.<\/p>\n

Risk Disclaimer:<\/span><\/em><\/p>\n

Trading, in general, is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment\/deposit, so do not invest money you can’t afford to lose. You are strongly advised to carry out your independent research before making any trading decisions.\u00a0 All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this website.<\/span><\/em><\/p>\n

The post Daily Market Report – Brent Oil Pressuring A Crucial Support October 19, 2017<\/a> appeared first on mexgroupblog<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mexgroup.com Brent Oil Plunges \u00a0 The price dropped sharply and erased the last two day’s gains. It could drop much deeper in the upcoming days if will close the day below the $57.30 per barrel.\u00a0 Brent is very heavy right now and seems poised to turn to the downside again in the upcoming period. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-115024","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=115024"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115024\/revisions"}],"predecessor-version":[{"id":115025,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115024\/revisions\/115025"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}