Brent: review and forecast on 16.06.2015

June 16, 2015

Current trend

The price of Brent crude oil was falling since the middle of last week. After the failure to consolidate at $66 per barrel (the highest level since 25 May), the price started falling amid overall strengthening in the USD. Extra pressure was added by the news that Libya has increased its oil output to 500 thousand barrels per day.

The news that is due today is unlikely to affect the price of Brent.

Support and resistance

On the four-hour chart the price broke the bottom band of Bollinger indicator, demonstrating probability of upward correction to 64.60. MACD histogram is in the negative zone but its volumes are decreasing, which could be a signal of the price reversal. An upward movement can be expected after consolidation above 65.30, with a target at 66.20.

Resistance levels: 64.60, 65.30, 66.20 and 67.00.

Support levels: 63.25, 62.30, 60.80 and 60.00.

Trading tips

Sell positions can be opened after consolidation of the price below the level of 63.25. In case of this case Brent can go down to 62.30. The short-term target of the sellers is the level of 60.80, the lows of mid- April

Publication source
LiteForex information  LiteForex reviews

January 20, 2017
Advance in inflation across the Eurozone
Euro holds gains against the US Dollar ahead of the ECB rate decision, as majority of economists expect no major updates in the policy, while investors will be taking stock of Draghi rhetoric’s to foresee the timeframe of the next big move by the policymakers...
January 20, 2017
US oil inventory draw gave a temporally support for oil prices
Oil prices remained in red figures after Wednesday's bearish acceleration. Brent a little changed on the day and remained prone to more weakness on Thursday. The benchmark stayed neutral around 54.50 dollars per barrel flirting with the level during the European session...
January 20, 2017
Pound gives up gains
The British pound has pulled back sharply today after making its biggest 1day gain in nearly 20 years’ yesterday, as fears once again crept in about where Brexit will lead to...

Tickmill Rating
Vantage FX Rating
FOREX.com Rating
 FXTM Rating
FXCM Rating
FBS Rating

Beeoptions Rating
Porter Finance Rating
OptionRally Rating
Empire Option Rating
Banc De Binary Rating
TopOption Rating