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Sergey Savastiouk's Avatar
published in Blogs
Sep 16, 2021

Oil prices rise on hurricane impact

Oil prices climbed further Wednesday, extending gains following the damage from Hurricanes Nicholas and Ida.

The Energy Department indicated a larger than expected decrease in domestic crude inventories. U.S. crude stocks fell by -6.4 million barrels over the week ending September 10, more than twice the consensus market forecast. Gasoline stockpiles are at their lowest levels since 2017, according to the EIA.

Following release of the EIA data, WTI crude futures for October delivery were +2.6% higher on the session at $73.04 per barrel and Brent crude contracts for November delivery had +3.4% gain to trade at $76.10 per barrel.

Related Ticker: BNO

BNO's MACD Histogram crosses above signal line

The Moving Average Convergence Divergence (MACD) for BNO turned positive on June 11, 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 .

Price Prediction Chart

Technical Analysis (Indicators)

Bullish Trend Analysis

The RSI Indicator points to a transition from a downward trend to an upward trend -- in cases where BNO's RSI Indicator exited the oversold zone, of 19 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .

The Momentum Indicator moved above the 0 level on June 13, 2024. You may want to consider a long position or call options on BNO as a result. In of 87 past instances where the momentum indicator moved above 0, the stock continued to climb. 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 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.

Bearish Trend Analysis

The Stochastic Oscillator has been in the overbought zone for 2 days. Expect a price pull-back in the near future.

The 10-day moving average for BNO crossed bearishly below the 50-day moving average on May 08, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 13 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .

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 .

The Aroon Indicator for BNO entered a downward trend on June 06, 2024. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying 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.
Related Portfolios: ENERGY
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Category CommoditiesBroadBasket

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