On the daily chart the price has broken down the upper line of the downward channel at the level of 35.50. Although, on the daily chart the indicators OsMA and Stochastic recommend long positions; on the four-hour chart the indicators give signals in favor of the sell positions. Breakdown of the support levels of 34.50 (ЕМА200 on the four-hour chart) and 33.40 (ЕМА144) will trigger the movement of price to psychologically important level of 30.00 USD per barrel and give a chance of the further decline up to the recent lows of 27.00.

On the daily chart the bottom line of the downward channel is near the level of 26.00. The rise above the level of 36.50 (ЕМА50 on the daily chart) is hardly possible, as fundamental data is favourable for the decline in price.

Support levels: 34.50, 33.40, 32.70 and 32.00.
Resistance levels: 36.00 and 36.50.

Trading tips

Sell Stop: 34.30. Stop-Loss: 35.10. Take-Profit: 33.40, 33.00, 32.00, 30.00, 29.70, 29.00, 28.00 and 27.50.
Buy Stop: 37.10. Stop-Loss: 35.50. Take-Profit: 38.00, 38.40, 39.00.


Brent: Oil prices can renew the plunge

Brent: Oil prices can renew the plunge




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