On the daily chart crude oil Brent is at the upper limit of the downward channel, the lower limit of which is below the level of 26.00. Strong resistance level, which coincides with the moving average with the period 50, fell to the level of 35.00 from the level of 36.00 at the beginning of the month.

Although the indicators OsMA and Stochastic give buy signals, the indicators on the hourly and 4-hour charts recommend to open short positions.

Consolidation of the price below support levels of 33.75 (ЕМА200), 33.25 (ЕМА144 on 4-hour chart) and 32.30 will bring the price back to the downtrend.

If the price goes above the recent highs at the level of 36.00, long positions will be possible with the target of 42.50.

Based on the fundamental data we can assume that the price will continue to decline. Support levels: 33.75, 33.25, 32.30, 32.00, 30.00, 29.50, 29.00, 27.50 and 27.00.
Resistance levels: 35.00, 35.50 and 36.00.

Trading tips

Sell Stop: 33.60.
Stop-Loss: 33.85.
Take-Profit: 33.25, 33.00, 32.30, 32.00, 30.00, 29.70, 29.00, 28.00, 27.50 and 27.00.

Buy Stop: 34.50.
Stop-Loss: 33.90.
Take-Profit: 35.00, 35.50 and 36.00.

Brent: decline continues

Brent: decline continues

The material published on this page is produced by LiteForex 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.

Follow us in social networks!
Live Chat
Leave feedback