Current trend

Brent Crude oil rose yesterday almost by 2%, reaching three-week highs.

The cause for growth was the increased geopolitical tensions between Iran and Saudi Arabia. The visit of Crown Prince of Saudi Arabia Mohammed bin Salman to the United States, during which the discussion of the introduction of new restrictive measures against Iran's oil market aimed at reducing exports, supported the market as a whole. Also, the growth was due to the decline in oil production in Venezuela and the reduction in oil reserves in the US (by 2.739 million barrels, according to the API report).

Support and resistance

On the H4 chart, the instrument grows along the upper line of Bollinger Bands, the price range is widened, which indicates a possible continuation of the uptrend. MACD histogram is in the positive area keeping a signal for the opening of long positions.

Support levels: 67.18, 66.98, 66.74, 66.35, 66.10.

Resistance levels: 68.34, 69.25, 69.92, 70.35, 70.77.

Trading tips

Long positions may be opened from the current level with the target at 68.30 and stop-loss at 67.50. Implementation time: 1–3 days.

Short positions may be opened from the level of 66.98 with the target at 66.35 and stop-loss at 67.30. Implementation time: 3–5 days.

Brent Crude Oil

BuySellSpread
6766.9190

Scenario

TimeframeDay's Range
RecommendationsBUY STOP
Entry Point67.85
Take Profit68.30
Stop Loss67.50
Support levels66.10, 66.35, 66.74, 66.98, 67.18, 68.34, 69.25, 69.92, 70.35, 70.77

Alternative scenario

RecommendationsSELL STOP
Entry Point66.98
Take Profit66.35
Stop Loss67.30
Support levels66.10, 66.35, 66.74, 66.98, 67.18, 68.34, 69.25, 69.92, 70.35, 70.77
Brent Crude Oil: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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