Brent: general analysis for July 28, 2014

July 29, 2014

Current trend 

Crude oil Brent is traded at the level of 107.40, which is slightly lower compared to yesterday’s level. The price of “black gold” is determined largely by the geopolitical situation in Ukraine and sharp accusations of the crush of the Malaysian plane, which the USA brings against Russia. Official representative of the White House Josh Ernest believes that President of Russia is responsible for the crush. Russian Ministry of Foreign Affairs refutes claims of the American representative as they have not grounds. Such   situation places in jeopardy oil supplies, triggering the rise in Brent price. Considerable pressure on the price of oil was also caused by the proposal of the chairman of European Union Herman van Rompuy to restrict access of Russia to new technologies in oil production.

Support and resistance

The nearest resistance level is 107.81 (Murray level of 1/8). Support level is Murray level of 0/8 (106.25).

Trading tips 

It is recommended to open long positions after breakdown of the level of 106.25 with protective order at 105.90 and the target of 108.80.

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