United States Brent Oil Fund (NYSEARCA:BNO) Stock Price Passes Below 50 Day Moving Average – Should You Sell?

Shares of United States Brent Oil Fund LP (NYSEARCA:BNO) crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $29.48 and traded as low as $29.10. United States Brent Oil Fund shares last traded at $29.50, with a volume of 553,107 shares trading hands.

United States Brent Oil Fund Trading Up 1.2 %

The stock’s fifty day moving average is $29.45 and its two-hundred day moving average is $30.11.

Institutional Investors Weigh In On United States Brent Oil Fund

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Flow Traders U.S. LLC raised its position in shares of United States Brent Oil Fund by 146.7% during the third quarter. Flow Traders U.S. LLC now owns 68,710 shares of the company’s stock worth $1,945,000 after purchasing an additional 40,855 shares during the period. Ignite Planners LLC purchased a new position in United States Brent Oil Fund in the 3rd quarter worth about $515,000. Harvest Fund Management Co. Ltd raised its holdings in United States Brent Oil Fund by 16.1% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 111,000 shares of the company’s stock worth $3,142,000 after buying an additional 15,371 shares during the period. BNP Paribas Financial Markets acquired a new stake in United States Brent Oil Fund during the 3rd quarter worth about $425,000. Finally, Virtu Financial LLC lifted its stake in United States Brent Oil Fund by 93.9% during the third quarter. Virtu Financial LLC now owns 14,828 shares of the company’s stock valued at $420,000 after buying an additional 7,182 shares in the last quarter.

About United States Brent Oil Fund

The United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that is based on the Front Month Brent Crude Oil index. The fund tracks the Brent oil spot price using near-month ICE futures contracts. BNO was launched on Jun 2, 2010 and is managed by US Commodity Funds.