The e-commerce giant has recently faced a lot of pressure, starting from global uncertainty in China amid lockdowns and geopolitics. The company has been added to the US SEC (Securities and Exchange Commission) delisting queue. Finally, there’s an earnings report coming on August 4. Let’s discuss everything and prepare for the next move.
Brent: How to Trade OPEC Meeting
2021-08-11 • Updated
What will happen?
On Thursday, August 12, during the day members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. More information about this meeting you can find in the related article.
In this article, we will discuss two possible scenarios for Brent price movement within the next 7-10 days.
Technical analyses
Daily chart
On the daily chart, the classic 1-2-3 pattern has formed, as:
- 1 Pivot point appeared after a strong trend movement.
- The price broke through the previous trend line and set the 2 pivot point
- The price could not renew the previous high (3 pivot point lower than the 1 one).
There are two trading options available for trading this pattern.
- If the price rises higher than the 3 pivot point ($75), it will move up to $82.5.
- On the contrary, if the price breaks through 2 pivot point level ($67.5), the target will be $60.
Similar
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Powell wants a soft landing for inflation, as Greenspan did in 1994. But it looks like he will get a hard landing.
Latest news
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...