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 50-day moving average for BNO moved below the 200-day moving average on September 19, 2024. This could be a long-term bearish signal for the stock as the stock shifts to an downward trend.
The 10-day RSI Indicator for BNO moved out of overbought territory on October 08, 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 46 similar instances where the indicator moved out of overbought territory. In of the 46 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Momentum Indicator moved below the 0 level on October 16, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on BNO as a result. In of 86 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 October 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 49 similar instances when the indicator turned negative. In of the 49 cases the stock turned lower in the days that followed. This puts the odds of success at .
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 October 03, 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.
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 56 cases where BNO's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
BNO moved above its 50-day moving average on October 22, 2024 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for BNO crossed bullishly above the 50-day moving average on October 08, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 13 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BNO advanced for three days, in of 346 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 338 cases where BNO Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
Category CommoditiesBroadBasket