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Brent: review and forecast

FX:UKOIL   Crude Oil (Brent)
31 0 1
Current trend

On Wednesday, the price of Brent crude oil             posted the biggest fall in two weeks, having lost about $1.5. The main factor that pushed the price down was a notable increase in US oil             production and reserves. Thus, reserves grew by 2.847 billion barrels, while production came in at 9.16 billion barrels. Today, the price continues being under pressure from US news releases.

Support and resistance

On the 4-hour chart, Bollinger Bands is directed down, indicating that the price is likely to continue declining. MACD histogram is in the positive zone, but its volumes are falling, thus, a sell signal may be formed in the short term.

Support levels: 48.10, 47.00, 46.35.
Resistance levels: 49.00, 50.00, 51.00.

Trading tips

Short positions can be opened at the current levels with the target at 48.00.
Long positions would become valid after the consolidation above the level of 50.00 with targets at 51.00, 52.00.
More analytic from LiteForex https://www.liteforex.com/trading/forex-analysis/?uid=880952068&cid=12118
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