Brent: analysis and forecast for July 01, 2014

July 1, 2014

Current trend

Yesterday the price of the crude oil Brent fell to the level of 112.12 USD per barrel. The decline in price for the “black gold” was associated with some reduction of tension in Iraq. Government troops of this Middle East country launched an offensive on the town of Tikrit, occupied by the forces of the radical group of IGIL. Radical Islamists must be stopped and the seizure of the oil fields shall be prevented.

Support and resistance

Resistance levels: 113.12 (yesterdays’ highs), 114.00 (psychologically important level), 115.00 (high of 19 June).

Support levels: 112.12 (yesterdays’lows), 111.00 (psychologically important level).

Trading tips

Short positions are recommended when the price exceeds the level of 112.10. Short-term target is 111.50, main target is 111.05, stop-loss is 112.20.

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