Current trend

Today, quotes of Brent crude oil continued to decline, despite the international scandal involving Saudi Arabia.

At the moment, the kingdom is under serious pressure from the United States in connection with the disappearance of the journalist Jamal Khashoggi. The US authorities are threatening to take harsh measures against Riyadh. Earlier, Saudi Arabia said it was ready to compensate for the market share of Iranian oil.

However, Reuters predicts an increase in crude oil inventories in the US by more than 1 million barrels per week. If the API and EIA data confirm the agency’s forecasts, the market should expect a significant price decline until the end of this week.

Today (at 22:30 GMT+2), API will publish data on the weekly change in reserves of commercial oil in the US. The US Department of Energy will publish its report tomorrow at 16:30 (GMT+2).

Support and resistance

On H4 chart, the instrument is traded near an important psychological level of 80.00. Bollinger Bands are reversing downwards, and the price range has narrowed indicating the change of the trend. MACD histogram keeps the sell signal. Stochastic is corrected in the neutral zone.

Support levels: 79.53, 78.47, 76.92, 75.50, 73.40.

Resistance levels: 80.56, 81.75, 83.11, 84.59, 86.30.

Trading tips

Short positions may be opened below the level of 79.50 with the target at 77.30 and stop loss at 80.55. Implementation time: 1-3 days.

Long positions may be opened above 80.70 with the target at 82.80 and stop loss at 80.10. Implementation time: 1-3 days.

Brent Crude Oil

BuySellSpread
67.5367.4580

Scenario

TimeframeDay's Range
RecommendationsSELL STOP
Entry Point79.45
Take Profit77.30
Stop Loss80.55
Support levels73.40, 75.50, 76.92, 79.53, 78.47, 80.56, 81.75, 83.11, 84.59, 86.30

Alternative scenario

RecommendationsBUY STOP
Entry Point80.75
Take Profit82.80
Stop Loss80.10
Support levels73.40, 75.50, 76.92, 79.53, 78.47, 80.56, 81.75, 83.11, 84.59, 86.30
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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