Brent had broken down important support level of 100.00: general analysis for September 09, 2014

September 9, 2014

Current trend 

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).

Trading tips 

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
LiteForex information  LiteForex reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

EXNESS Rating
Grand Capital Rating
Cms Trader Rating
Fort Financial Services Rating
Tickmill Rating
FxPro Rating

OptionTrade Rating
IQ Option Rating
OptionRally Rating
GTOptions Rating
OptionBit Rating
Migesco Rating