Brent: general review on 28.05.2015

May 28, 2015

Current trend 

Brent oil continues to trade downwards despite a slight correction of the lowest value at 62.06. The commodity is under pressure owing to the US dollar consolidating against major currencies. For example, the USD index rose 0.4% to a level of 97.7 over the last 5 weeks.

Besides, official data on crude oil and oil products stocks are forecast to remain the same (2.674 million), which badly affects the rate of black gold as well. Also, remember that growth of prices may bring about an increase in Saudi oil production as they will want to protect their market share.

Support and resistance

The nearest resistance level is 63.28 (1/8 Murray). The support level is at 62.50 (0/8 Murray).

Trading tips 

Go short after a level of 62.50 is broken and place protective orders near a level of 63.00 with a target at 60.33.

Publication source
LiteForex information  LiteForex reviews

February 17, 2017
NZD looks to weaken
The New Zealand dollar has found itself under pressure in recent days as the market has started to hedge a little while it waits on the next steps for the US economy...
February 17, 2017
The dynamics of the Dollar
William Dudley, the head of the New York FED, called for a rate hike in the coming months, but only if economic growth, accelerating inflation and low unemployment, will meet the development trajectory of the FED...
February 16, 2017
The Federal Reserve balance sheet shrunk?
The Dollar has cut through a significant resistance level of 101, thus completing the retracement move after rallying to a maximum of a 14-year peak. It was not without the help from the Federal Reserve...

OctaFX Rating
NPBFX Rating
FXCM Rating
FOREX.com Rating
Cms Trader Rating
Tickmill Rating

OptionTrade Rating
Banc De Binary Rating
GTOptions Rating
Dragon Options Rating
Empire Option Rating
First Binary Option Service Rating