Oil price (Brent) daily outlook: analysis, review and technical chart outlook for Thursday, November 23, 2023

Oil price (Brent) daily outlook: analysis, review and technical chart outlook for Thursday, November 23, 2023

According to a report by stock3.com, the Brent oil price initially moved significantly downwards on Wednesday, but was able to recover just as quickly in late trading. The prices showed a clear bullish reversal. After the bullish reversal, there is a chance of a bullish trend reversal. If Brent moves above the flat downward trend at USD 82.35, this would already be clearly bullish. Above USD 83.74, follow-up buy signals could also appear, which could also lead to USD 87.61. Duties below USD 78.44 should be avoided, as in this case there is a risk of a quick retracement to USD 76.65.

This turnaround in Brent oil prices could have a significant impact on the market. If the price actually confirms the bullish signal and continues to rise, the cost of gasoline and heating oil for consumers could increase. This, in turn, could reduce demand for these products, which could impact the entire consumer market. Additionally, companies that rely heavily on oil, such as the transportation and logistics industries, could experience higher operating costs.

The development of the oil price is therefore of great importance for various industries as it can have direct and indirect effects on the economy. It is therefore important to closely monitor developments and develop possible adaptation strategies to deal with the impact on the market, the consumer and the industry.