Brent: review and forecast

November 25, 2015

Current trend

Geopolitical factors have a strong effect on the price of oil. The recent incident with Russian military aircraft, which was shot down by Turkish warplanes, was of no exception. Amid rising political tensions between Turley and Russia, the price of oil grew by more than $1, having reached its highs at 46.45.

But today, the price has started correcting down quite expectedly. Market participants are waiting for the publication of Crude Oil Stocks change statistics, due in the US.

Support and resistance

On the 4-hour chart, technical indicators are giving mixed signals. Bollinger Bands are directed upward, indicating further growth of the price. At the same time, the price broke out the upper line of the price range that suggests high possibility of a downward correction to the middle MA, towards 45.00. On the other hand, MACD indicates a decline in Bullish sentiment. The histogram is in the positive zone, but its volumes are falling.

Support levels: 45.00, 44.00, 43.10.

Resistance levels: 46.44, 47.00, 47.80.

Trading tips

Short positions can be opened after the consolidation below the level of 45.00 with targets at 44.00 and 43.10.

Long positions can be opened after the consolidation above the level of 46.44 with targets at 47.00 and 47.80.

Publication source
LiteForex information  LiteForex reviews

December 9, 2016
Coeure - ECB ready to do more
ECB board member Benoit Coeure commented the yesterday decision in a radio interview. The central bank announced QE tapering stressing that it does not mean less engagement...
December 8, 2016
Tapering and extending
The main challenge for markets today will be steering through the messages that emerge from the ECB meeting and press conference. Whereas the Fed meeting next week is seen as a near certainty in terms of its outcome, this is not the same for the ECB...
December 7, 2016
Oil ma pull back to $40
The oil price fell for the first time in 4 days today as skepticism creeped in over some OPEC member’s commitment to keep to their end of the deal and cut production...

FIBO Group Rating
 FXTM Rating
OctaFX Rating
Tickmill Rating
FOREX.com Rating
HotForex Rating

Binary Brokerz Rating
Porter Finance Rating
OptionRally Rating
24option Rating
Beeoptions Rating
Grand Option Rating