Current trend

Today, oil prices are falling amid growing reserves of "black gold" in the United States.

According to the Ministry of Energy, US commercial energy reserves rose by 2.8 million barrels in a week, which surprised investors, as analysts forecasted a decline by 2.2 million barrels. In general, the situation in the oil market can be described as moderately negative. OPEC + efforts to cut production, as well as US sanctions against Iran and Venezuela, prevent the instrument from falling. However, the uncertainty caused by fears of a global recession has a negative effect on demand.

Tomorrow at 19:00 (GMT+2), Baker Hughes will publish statistics on active rigs in the United States. Reducing the production volumes will allow the instrument to strengthen above the psychological level of 68.00.

Support and resistance

On the 4-hour chart, a downward trend is being corrected. The instrument has reversed upwards from the key support 68.00. Bollinger bands are directed sideways, and the price range has decreased, indicating a change in the current trend. The MACD histogram is in the positive zone, forming a poor buy signal. Stochastic is preparing to enter the oversold area, a strong buy signal can be formed before the end of this week.

Resistance levels: 67.74, 68.40, 68.80.

Support levels: 67.38, 66.77, 66.17, 65.62, 64.62.

Trading tips

Long positions can be opened from the current level with the target at 68.15 and stop loss 67.10. Implementation period: 1–2 days.

Short positions can be opened below the level of 67.15 with the target at 66.35 and stop loss 67.60. Implementation period: 1–3 days.

Brent Crude Oil

BuySellSpread
72.1972.190

Scenario

TimeframeDay's Range
RecommendationsBUY
Entry Point67.40
Take Profit68.15
Stop Loss67.10
Support levels64.62, 65.62, 66.17, 66.77, 67.38, : 67.74, 68.40, 68.80

Alternative scenario

RecommendationsSELL STOP
Entry Point67.10
Take Profit66.35
Stop Loss67.60
Support levels64.62, 65.62, 66.17, 66.77, 67.38, : 67.74, 68.40, 68.80
Brent Crude Oil: general analysis

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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