Current trend

The price of Brent crude oil continues growing.

The price is supported by the news of the meeting between the Russian Energy Minister and the Saudi Arabia Oil Minister who are discussing possible steps that could be taken in order to stabilise the oil markets. In light of the event, the price grew above $35.00 per barrel, for the first time in two weeks.

Today attention needs to be paid to data on the API Weekly Crude Oil Stock from the US.

Support and resistance

On the 4-hour chart, MACD histogram is in the positive zone and its volumes are growing. Bollinger Bands are widening confirming an upward tendency. However, the indicator formed a signal for correctional fall as the price has left the upper border of the range.

Support levels: 33.90, 32.90, 32.05, 31.00.

Resistance levels: 35.50, 36.12, 37.21.

Trading tips

Short positions can be opened after the price consolidation below the level of 32.90 with targets at 32.05, 31.00 and stop-loss at 33.25.

Long positions can be opened after the price consolidation above the level of 35.49 with targets at 36.12, 37.21 and stop-loss at 35.75.

Brent: general review

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback