Brent: price continues declining

December 2, 2015

Current trend

On Tuesday, the price of Brent crude oil continued declining. Concerns about oversupply of the oil market still have a strong negative effect on the price of oil.

Market participants are waiting for the results of the upcoming OPEC meeting, due on Friday. OPEC is expected to keep its output target unchanged. Moreover, some analysts suggest that the price of oil might fall to $35 per barrel if the Federal Reserve raises interest rates at its December meeting.

Support and resistance

Bollinger Bands indicator on the daily chart is still directed horizontally, while the price range remains unchanged. MACD is keeping its strong downward trend. Stochastic has reached the oversold zone.

It is recommended to wait for clearer trading signals.

Support levels: 43.90 (1 December low), 43.43, 43.00 (near 16 November low), 42.08 (24 August low).

Resistance levels: 44.43, 45.00, 45.56, 46.00, 46.35 (24 November high), 46.80, 47.32, 48.00.

Trading tips

Long positions can be opened if the price turns up at the level of 44.00 (with appropriate indicators signals) with targets at 44.70, 45.50 and stop-loss at 43.70. Validity – 1-3 days.

Short positions can be opened after the breakdown of the level of 43.90 with the target at 43.00 and stop-loss at 44.20. Validity – 2-3 days.

Publication source
LiteForex information  LiteForex reviews

September 30, 2016
Euro continues to trade sideways inside a 100pips range
Looking at the hourly chart, the pair still fighting to overtake 1.1235 barrier, which is considered as the near-term resistance for the single currency...
September 29, 2016
Will Brexit be more painful for Europe rather than for the UK?
The risk is increasing on the market ahead OPEC meeting in Algiers and Yellen testimonial, which will happen before the House panel. FED-fueled rally on gold starts to fizzle out as the December futures keep on a losing streak for a second day, finally dipping by 0.12% to 1,328.75...
September 28, 2016
US presidential debate moves unwind
The market’s initial response to the US presidential election debate overnight was a clear sigh of relief. The Mexican Peso, which had hit a record low against the dollar just the day before, surged higher, as too did the Canadian dollar...

XM Rating
OANDA Rating
OctaFX Rating
FOREX.com Rating
FxPro Rating
FXTM Rating

Empire Option Rating
IQ Option Rating
OptionBit Rating
Binary Brokerz Rating
OptionFair Rating
TropicalTrade Rating