After it reached its highs near the level of 35.04 at the beginning of the week, the price of Brent crude oil continued falling.
Significant pressure on the price gave comments by the Saudi Arabia Oil Minister who stated that in the nearest future countries are not going to reduce their production levels. At the same time, he noted that Saudi Arabia is ready to continue negotiations on freezing current levels of oil output.
Support and resistance
On the 4-hour chart, Bollinger bands are widening indicating a fall continuation. MACD histogram is in the negative zone and its volumes are growing.
Support levels: 32.60, 31.70, 31.00, 30.10.
Resistance levels: 33.60, 34.40, 35.50.
Short positions can be opened from current prices with targets at 31.70, 31.00 and stop-loss at 32.90.
Long positions can be opened after the breakout and consolidation above the level of 33.60 with targets at 34.40, 35.60 and stop-loss at 33.20.