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UKBrent: technical analysis

FX:UKOIL   Crude Oil (Brent)
59 0 0
BRENT, D1

On the daily chart , the instrument is trading in the lower Bollinger band . The indicator is directed down while the price range is expanding. MACD histogram entered the negative zone and formed a sell signal. Stochastic is approaching the oversold zone.

BRENT, H4

On the 4-hour chart, the instrument broke down a strong support level at 47.38. Bollinger Bands is directed horizontally while the price range is narrowing, suggesting a change in the trend possibility. MACD histogram is trying to turn up but keeping a sell signal. Stochastic is about to enter the oversold zone.

Key levels

Support levels: 46.47 (local low), 46.09, 45.71 (lower MA of Bollinger Bands ).
Resistance levels: 47.38, 47.91, 48.63 (middle MA of Bollinger Bands ), 49.20.

Trading tips

Short positions can be opened from current prices with the target at 45.71 and stop-loss at 47.38. Validity – 1-2 days.
Long positions can be opened from the level of 47.91 with targets at 48.30, 48.65 and stop-loss at 47.15. Validity – 1-2 days.
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