9 July, 2015
Since it dropped on Monday, the price of Brent crude oil is trading in a narrow range between $56.50 and $57.50 per barrel.
The fall was a result of the number of factors, namely: oversupplied markets, Greek crisis, world stock markets fall, investors running into safe-haven currencies (the Yen, USD, Frank), output increase by OPEC countries, probable increase of Iranian exports, and (possibly) coming up new world financial crisis.
The Fed yesterday was cautious about promised interest rates hikes this year, which is now even more uncertain.
The US stock indices fell amid Chinese stock markets rally. Dow Jones Industrial Average fell by 1.5% and closed at 2 February lows, S&P500 fell by 1.7%, and Nasdaq Composite lost 1.75%.
Despite futures rose during the Asian session, the pressure on the price is going to increase in the medium-term.
Support and resistance
The price broke down the support level at 58.00 and remains under fundamental factors pressure. After some consolidation, the fall is likely to continue. A correction is possible up to 59.00-59.50.
OsMA and Stochastic on the 4-hour chart support the possibility of price correction.
On the daily chart, the indicators give sell signals. The price is moving toward the lower border of the channel at 55.00, the breakdown of which would lead to a further fall towards 52.50 (March lows), 46.00 (2015 lows).
Support levels: 56.50, 55.00, 52.50.
Resistance levels: 59.00, 60.80.
Open short positions from the current levels and from 58.00, 59.00, 60.00 with targets at 55.00, 53.00 and stop-loss at 60.50. Recommendation length – until the end of the week.
Long positions can be opened after the breakout of the level of 60.80 with targets at 62.80, 63.90, 65.00, 68.60, 72.70.
Since December 2015 the index S&P500 has been in the downtrend. In February, the index fell to the level of 2108.0, which is almost 15%. In the past 4 sessions the index had adjusted, approaching the level of 1935.0...
On the 4-hour chart, the price is testing the level of 1210.80 (23.6% correction); the ascending 38.2% fan line is an additional resistance for the price. If this resistance area is overcome, a growth would continue to 1224.90 and 1249.25...
Yesterday, the price of silver fell to last Thursday’s opening levels, when a new local low since the end of October 2015 was reached. Prices of commodity assets are falling as risk appetite is gradually returning to the market...
Yesterday the pair showed choppy trade and closed at its opening level. The price was pressured by growth in the European stock markets and Fed Chair Janet Yellen testimony before the US Congress...
The Company ranks 23th on capitalization in the finance sector among the Issuers, trading in the American stock market. On 22 January the company reported for Q4 of the fiscal year of 2015. The company has been demonstrating negative dynamics for the last few quarters...
Since the opening of the trading day the price of crude oil Brent is declining. On the hourly chart the price has broken down the first support level of 34.35 (ÅÌÀ50), which is ÅÌÀ200 on the four-hour chart...
The price of gold has returned to the level of 1190.00 USD per troy ounce, (which is had at the beginning of November), regaining half of the losses since mid-October 2015. On the daily chart the price has broken down strong resistance levels 1129.00 (ÅÌÀ200)...
Amid sharp decline in the global stock indices since the beginning of the year European index EUROSTOXX50 has lost about 14%. During the final surge of decline from 3515.0 to 2840.0 last December, the price has managed to go above the level of 23.6% Fibonacci...
On the daily chart the price has broken down the upper line of the downward channel at the level of 35.50. Although, on the daily chart the indicators OsMA and Stochastic recommend long positions; on the four-hour chart the indicators give signals in favor of the sell positions...
|8||Fort Financial Services||67%|