Brent: review and forecast

FX:UKOIL   Crude Oil (Brent)
49 0 0
Current trend

Yesterday, the price of Brent crude oil             fell when the American Petroleum Institute published its weekly estimate of US crude oil             inventories. Last week, crude oil             stocks increased by 2.9 million barrels while analysts expected a decline by 2.5 billion barrels.

Support and resistance

Bollinger Bands indicator on the 4-hour chart is directed down so the price is likely to continue declining. Though MACD histogram is in the positive zone, its volumes are falling.

Support levels: 36.80, 36.35, 35.90.
Resistance levels: 38.00, 39.00, 40.00.

Trading tips

Short positions can be opened at the current level with targets at 36.35, 35.90.
Long positions can be opened if the price consolidates above the level of 38.00 with targets at 39.00, 40.00.
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