Published On: Mon, Mar 13th, 2017

Brent Crude Oil: general analysis

InstaForex

Current trend

Last week the oil price tested the strong resistance level 57.20 and stepped back to the two month maximum and support level 50.90. The extremely high level if the USA oil resourced, the employment increase and the growth of the USA oil rig number negate the OPEC efforts, and the oil price lowered by almost 500 points. Today there are no releases which can affect the price, so the flat within 50.90-52.70 is expected.

Tomorrow the monthly OPEC oil market report, which will determine the further price dynamics, will be published.

Support and resistance

Support levels: 50.90, 49.30, 48.40.

Resistance levels: 52.70, 54.30, 55.00, 55.80.

Trading scenario

Open long positions after the rebound from 50.90 with the target at 52.70, stop loss is at 50.60.

In case of the significant consolidation below 50.90 open short positions with the target at 49.30, stop loss is at 51.20.

Forex Analysis

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>