Quotes of crude oil Brent had broken down important support level of 100.00 yesterday, after which the price experienced correction. Now Brent consolidates at the level of 99 USD per barrel. If the price falls below the level of 95, the decline is likely to continue, and the pressure from the sellers will increase.
The main reason for the decline of the “black gold” is the negative Chinese statistics, which showed that imports fell by 2.4% on annual basis. The other negative factor was the unexpected decrease of new jobs outside agricultural sector in the USA. The index rose only by 142 thousand, while analysts expected the rise of 230 thousand.
Support and resistance
The nearest resistance level is 100.00 (0/8 Murray level). Support level is 1/8 Murray (99.61).
It is recommended to open short positions after breakdown of the level of 95.00 with protective orders at 100.00 and the target of 89.80.Publication source