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.
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.