London Brent Oil
Delayed - 06/22 11:00:00 pm

Hit by the global economic downturn

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11/20/2012 | 11:45 am
Opinion : Bearish under 113 
Target price : 96 
In a report published in early November, OPEC anticipates a decline in oil demand in 2013. The global economic downturn is put forward by the Organization of Petroleum Producers.
Forecasts are around 770,000 bbl / day (high range) or 10,000 less than the daily average recorded in 2012.

Technically, the oil from the North Sea has suffered a downturn larger than we expected. Our previous support of USD 112 was broken, stopping the bullish trend of the Brent from the lows of June.

In the upward trend, the underlying seems hampered by a trendline currently located at USD 113. Conversely, a support located at USD 96 (through lows of June) is forming a wedge, a sign of congestion for the next trading sessions. It will thus be extracted from this area to a new trend takes over.

In the short-term, we anticipate a stabilization of Brent with a slight downward bias due to the proximity of the upper bound of the wedge. However, a breakout of USD 113 would invalidates our bearish anticipation and implies a rapid return on the highs at USD 126.
Etienne Veber 2018
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