At the opening session on Wednesday the price of oil continued to decline. Yesterday, the price had rebounded from the strong resistance level of 35.00 (ЕМА50 on the daily chart) and broke down support levels of 33.75 (ЕМА200) and 33.25 (ЕМА144 on 4-hour chart) and has been declining to the February lows of 30.00, due to comments of the oil minister of Saudi Arabia.
On the four-hour chart the indicators OsMA and Stochastic give signals to sell. On the daily chart the indicators also are also in favour of sellers.
On the daily chart the decline continues in the channel with the bottom limit at the level of 26.00.
Upward correction will be possible if the price consolidates above the levels of 35.00 and 36.00 with the target of 42.00 (ЕМА144 on the daily chart).
On the daily chart the upward correction with the limits near the levels of 31.50 and 39.00 has been formed; however fundamental data gives grounds for the further decline of price.
Support levels: 32.30, 32.00, 30.00, 29.50, 29.00, 27.50 and 27.00.
Resistance levels: 33.25, 33.75, 34.00, 34.50, 35.00, 35.50 and 36.00.
Sell Stop: 32.20.
Take-Profit: 32.00, 31.00, 30.00, 29.70, 29.00, 28.00, 27.50 and 27.00.
Buy Stop: 33.30.
Take-Profit: 34.00, 35.00, 35.50 and 36.00.