The price of Brent crude oil continued growing and managed to break out the $35 per barrel level.
The price is supported by the news that the officials from Saudi Arabia, Qatar, Venezuela and Russia stroke an agreement to freeze their current oil output levels. In addition, at the yesterday’s meeting Iran also agreed with the proposal from the OPEC member-countries to limit its output, which significantly strengthened the price of Brent crude.
Therefore, in the medium-term the price will continue growing amid the weakening US Dollar.
Support and resistance
From the technical point of view, the price is leaving its consolidation phase and entering a sloping ascending channel. In the medium-term, the price will grow towards the level of 39.00, and in the long-term to 44.50.
Technical indicators suggest the growth in the price. Bollinger Bands are turning up. MACD histogram is in the negative zone and its volumes are quickly falling.
Support levels: 33.70, 32.00, 30.00, 29.05, 27.30.
Resistance levels: 35.50, 36.00, 37.75, 39.00, 40.90, 42.15, 44.50.
Pending buy orders can be placed at the level of 32.00 with the target at 36.00 and stop-loss at 31.00.
Pending sell orders can be placed at the level of 37.75 with the target at 33.75 and stop-loss at 38.75.