1 October, 2015
Despite increasing oil reserves for the last week of September in the US, the price of Brent crude oil holds near the level of $49.00 per barrel.
The price was supported by positive Manufacturing PMI data for September from China that showed an increase from 49.7 to 49.8 points. The price is also supported by shrinking oil production in the US and stable world demand. On the other hand, it is under pressure from excess in supply, as OPEC countries increase their output, expectations of Iranian exports, world stock markets fall and anticipations of the interest rates increase in the US.
Meanwhile, as China and the US remain the largest oil consumers, any strong macroeconomic data from these countries have a positive effect on the price of oil.
Support and resistance
On the 4-hour chart, a contracting triangle between the levels of 49.00 and 47.20 seems to be forming.
The price growth is restricted by the strong resistance at 49.00 (EMA200 on the 4-hour chart) and any strengthening up to the level of 50.00 (EMA50 on the daily chart) can only be considered as a correction. A trend reversal can happen after a breakout at 51.00. At the same time, a breakdown of the level of 47.00 could lead to a further fall towards 42.50 (August and year lows).
On the 4-hour and daily charts, OsMA and Stochastic recommend long positions.
Support levels: 48.50, 47.20, 46.25, 45.25.
Resistance levels: 49.00, 50.00, 51.00.
Long positions can be opened from current prices with the target at 49.86 and stop-loss at 48.90.
Short positions can be opened after the price consolidation below the level of 48.25 with the target at 47.31 and stop-loss at 48.40.
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...