LiteForex_Official

Brent: general analysis

FX:UKOIL   Crude Oil (Brent)
90 0 2
Current trend

The price of Brent crude oil             grew slightly after the American petroleum Institute ( API ) reported a drawdown in US crude oil             inventories. Today attention needs to be paid to data, released by the Energy Information Administration. The oil             reserves in US storages are expected to be down by more than 1.8 million barrels that might provide support for the price. Dynamics in the instrument, however, is likely to remain downward as long as the global oil             market remains oversupplied.

Support and resistance

On the 4-hour chart, the instrument is trading in the lower part of Bollinger Bands . The indicator is directed down, the price range is widening. MACD histogram is in the negative zone. Stochastic has turned up at the border of the oversold zone.

The indicators recommend waiting for clearer trading signals.

Support levels: 42.00, 41.72, 41.51, 41.18, 40.97.
Resistance levels: 42.41, 42.84, 43.08, 43.33, 43.61, 43.77.

Trading tips

Long positions can be opened from the level of 42.40 with the target at 43.08 and stop-loss at 42.00. Validity – 1-2 days.
Short positions can be opened from the level of 41.70 with targets at 41.18, 41.00 and stop-loss at 42.00. Validity – 1-2 days.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out