Oil prices extended declines following reports that U.S. President Joe Biden has asked other major world leaders to authorize the release of petroleum reserves to offset the impact of OPEC production decreases.
The current initiative also involves China -- following a virtual summit between Biden and President Xi Jinping earlier this week . The news comes amid surging gas prices in the United States and energy supply shortage in China adding to the global supply chain pressures.
WTI futures for December delivery were 45 cents lower on the session at $77.91 each while Brent crude contracts for January fell 17 cents to $80.11 per barrel.
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 .
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 .
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.
Category CommoditiesBroadBasket