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published in Blogs
Mar 07, 2020

Oil plunges as OPEC-Russia agreement fails to materialize

Oil prices had their steepest plunge in more than a decade Friday, after there was no indication of an agreement between OPEC and Russia on production cuts.

Brent crude futures contracts for May delivery declined more than -9.4%, or $4.72 per barrel --the biggest one-day decline since 2008.  The gauge ended Friday at $45.27 per barrel, which is also  the lowest level for the global benchmark since 2016. WTI contracts for April delivery was -10% lower.

 OPEC had wanted additional cut of 1.5 million barrels per day, as long as Russia and other non-member states supported the plan with cuts of their own.

OPEC’s statement on had no mention of either deeper cuts, or extending the existing output agreement from 2016, which cuts around 1.7 million barrels per day from the market and is set to expire at the end of the month. OPEC mentioned in the note that member state producers would "continue to stabilize markets".

Risks of an oversupplied oil market could be potentially aggravating, particularly amid the Coronavirus crisis which is hurting global demand for fuel.

Related Ticker: BNO

Momentum Indicator for BNO turns positive, indicating new upward trend

BNO saw its Momentum Indicator move above the 0 level on March 13, 2024. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 87 similar instances where the indicator turned positive. In of the 87 cases, the stock moved higher in the following days. The odds of a move higher are at .

Price Prediction Chart

Technical Analysis (Indicators)

Bullish Trend Analysis

The Moving Average Convergence Divergence (MACD) for BNO just turned positive on March 14, 2024. Looking at past instances where BNO's MACD turned positive, the stock continued to rise in of 49 cases over the following month. The odds of a continued upward trend are .

The 50-day moving average for BNO moved above the 200-day moving average on February 27, 2024. This could be a long-term bullish signal for the stock as the stock shifts to an upward trend.

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BNO advanced for three days, in of 355 cases, the price rose further within the following month. The odds of a continued upward trend are .

The Aroon Indicator entered an Uptrend today. In of 336 cases where BNO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Bearish Trend Analysis

The 10-day RSI Indicator for BNO moved out of overbought territory on March 20, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 44 similar instances where the indicator moved out of overbought territory. In of the 44 cases, the stock moved lower in the following days. This puts the odds of a move lower at .

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 10 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where BNO declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

BNO broke above its upper Bollinger Band on March 13, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Fundamental Analysis (Ratings)

Fear & Greed

Industry description

The investment seeks the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the spot price of Brent crude oil. The Benchmark Futures Contract is the futures contract on Brent crude oil as traded on the Ice Futures Europe Exchange that is the near month contract to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire.
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