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.
BNO's RSI Oscillator climbs out of oversold territory
The RSI Oscillator for BNO moved out of oversold territory on May 05, 2023. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 20 similar instances when the indicator left oversold territory. In of the 20 cases the stock moved higher. This puts the odds of a move higher at .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. of 50 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 .
The Momentum Indicator moved above the 0 level on June 02, 2023. You may want to consider a long position or call options on BNO as a result. In of 81 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for BNO just turned positive on June 02, 2023. Looking at past instances where BNO's MACD turned positive, the stock continued to rise in of 46 cases 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 351 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 10-day moving average for BNO crossed bearishly below the 50-day moving average on May 02, 2023. This indicates that the trend has shifted lower and could be considered a sell signal. In of 14 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 May 15, 2023. 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)
Industry description
General Information
Category CommoditiesBroadBasket
| 1 Day | |||
|---|---|---|---|
| MFs / NAME | Price $ | Chg $ | Chg % |
| ARYMX | 11.47 | 0.07 | +0.61% |
| American Century Global Real Estate A | |||
| GVALX | 13.44 | N/A | N/A |
| Gotham Large Value Institutional | |||
| HAIBX | 28.26 | -0.05 | -0.18% |
| Hartford Balanced HLS IB | |||
| MSAUX | 18.35 | -0.04 | -0.22% |
| Morgan Stanley Inst Asia Opp A | |||
| FVWSX | 16.45 | -0.13 | -0.78% |
| Fidelity® Series Opportunistic Insights | |||
BNO and
Correlation & Price change
A.I.dvisor tells us that BNO and SLV have been poorly correlated (+23% of the time) for the last year. This A.I.-generated data suggests there is low statistical probability that BNO and SLV's prices will move in lockstep.
| Ticker / NAME | Correlation To BNO | 1D Price Change % | ||
|---|---|---|---|---|
| BNO | 100% | +1.17% | ||
| SLV - BNO | 23% Poorly correlated | -0.65% | ||
| PHYS - BNO | 16% Poorly correlated | -1.24% | ||
| GLDM - BNO | 15% Poorly correlated | -1.18% | ||
| IAU - BNO | 15% Poorly correlated | -1.18% | ||
| GLD - BNO | 15% Poorly correlated | -1.20% |
