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Brent: general review

FX:UKOIL   Crude Oil (Brent)
52 0 0
Current trend

The price of Brent crude oil             tested the level of 49.00 several times but could not consolidate above it yet. Since the end of last week, the price has been trading in a narrow range of 47.55-49.34 while market volatility remains low.
Tomorrow attention needs to be paid to data on the EIA             Crude Oil             Stocks change in the US.

Support and resistance

On the 4-hour chart, Bollinger Bands are directed horizontally. MACD histogram is in the negative zone and its volumes are growing, which suggests the downward movement is forming.

Support levels: 47.55, 46.77, 45.90.
Resistance levels: 48.50, 49.34, 50.00.

Trading tips

Short positions can be opened after the breakdown and consolidation below the level of 47.55 with targets at 46.77, 45.90 and stop-loss at 48.00.
Long positions can be opened after the price consolidation above the level of 48.50 with targets at 49.34, 50.00 and stop-loss at 48.00.
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