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Brent: EIA Crude Oil Stock is expected to decline

FX:UKOIL   Crude Oil (Brent)
22 0 2
Current trend

Ahead of the meeting of OPEC and non-OPEC oil             market experts, during which a reduction of oil             production and exports is to be discussed, the price of Brent crude oil             is trading with no certain direction.
Today, EIA             Crude Oil             Stock is expected to indicate a decline by 3.7 million barrels. The price of oil             is under pressure from a slowdown of China’s economy and Iranian oil             export recovery. At the same time, political tensions in the Middle East, a decline in US oil             production and lowering expectations that the Fed will increase interest until the year is out support the price of oil             .

Support and resistance

OsMA and Stochastic indicator on the 4-hour and daily charts recommend short positions. The price broke down the support level of 50.00 (EMA on the daily and 4-hour charts) and is heading to the level of 47.00 (September lows), the breakdown of which may lead to a decline towards year lows at 42.50.
An upward dynamics would become possible if the price consolidates above the level of 51.00.

Support levels: 48.00, 47.30, 47.00.
Resistance levels: 49.00, 50.00, 50.50, 51.00.

Trading tips

Pending Sell Stop orders can be placed at the level of 47.80 with targets at 47.30, 47.00, 46.60 and stop-loss at 48.50.
Pending Buy Stop orders can be placed at the level of 49.10 with targets at 50.00, 51.00, 51.50, 52.00 and stop-loss at 48.60.
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