Oil prices fell on Tuesday, after President Joe Biden announced the release of 50 million barrels of oil from strategic petroleum reserves (SPR) stockpile.
WTI futures contracts for January delivery fell $1.38 lower from Monday night's close at $75.38 a barrel immediately following news of the SPR release. Brent crude contracts for January delivery fell $1.02 to a two-month low of $78.74 per barrel.
Last week, U.S. oil prices fell to a six-week low, following reports that Biden had asked other major world leaders to authorize the release of their own reserves to increase global oil supplies and therefore offset the price impact from OPEC’s oil production cuts.
The SPR, established after the oil crisis of the 1970s, consists of oil is stored in underground salt caverns in Texas and Louisiana. This is an emergency reserve, and the caverns currently hold more than 600 million barrels of oil.
The RSI Oscillator for BNO moved into overbought territory on May 03, 2024. Be on the watch for a price drop or consolidation in the future -- when this happens, think about selling the stock or exploring put options.
The Stochastic Oscillator demonstrated that the ticker has stayed in the oversold zone for 2 days, which means it's wise to expect a price bounce in the near future.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BNO advanced for three days, in of 353 cases, the price rose further within the following month. The odds of a continued upward trend are .
BNO may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
The Aroon Indicator entered an Uptrend today. In of 346 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 Momentum Indicator moved below the 0 level on April 17, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on BNO as a result. In of 88 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .
The Moving Average Convergence Divergence Histogram (MACD) for BNO turned negative on April 16, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 50 similar instances when the indicator turned negative. In of the 50 cases the stock turned lower in the days that followed. This puts the odds of success at .
BNO moved below its 50-day moving average on May 01, 2024 date and that indicates a change from an upward trend to a downward trend.
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 .
Category CommoditiesBroadBasket