Published On: Tue, Mar 21st, 2017

Brent Crude Oil: general analysis

InstaForex

Current trend

Another growth of the active oil rigs number in the USA and the growth of the oil production led to the fall of the oil prices in the end of the last week, and yesterday the lowering continued almost to the level of 51.00 dollar per barrel. However in the evening the Saudi Arabia oil production limitation data, which showered the lowering by 6.8% against the previous year, were published, the oil price restored and tested the level of 52.00, despite the growth of the USD.

The API Weekly Crude Oil Stock and the EIA Crude Oil Stocks change data, which are to be published today and tomorrow, are worth traders’ attention. The growth of the resources is expected, the price is expected to move within the level of 52.75 and 50.90.

Support and resistance

Support levels: 50.90, 49.30, 48.40.

Resistance levels: 52.75, 54.30, 55.00, 55.80.

Trading scenario

Open long positions at the current price with the target at 52.75, stop loss is at 51.50.

Open short positions at the level of 50.90 with the target at 49.30, stop loss is at 51.20.

Forex Analysis

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