Brent: technical analysis

January 6, 2016

Brent, D1

On the daily chart, the price is trading just below the middle MA of Bollinger Bands and below its moving averages that are directed down. The RSI seems to be breaking its descending trendline suggesting the price could be entering the consolidation mode. The Composite is about to test its most recent support and has formed a divergence with the RSI. MA’s for both indicators represent a strength of the market.

Brent, H4

On the 4-hour chart, the price is trading in the lower Bollinger band and remains below its moving averages that are directed down. The RSI found support in the Bullish zone over 40 mark and is about to retest it shortly. The Composite is growing after it failed its end of December support.

Key levels

Support levels: 35.93 (December lows), 35.30 (2000 highs), 34.57 (2004 lows).

Resistance levels: 38.63 (EMA130 on the 4-hour chart), 39.37 (December highs), 43.42 (August highs).

Trading tips

Open short positions from the level of 35.85 with the target at 35.30 and stop-loss at 36.08. Validity – 2-3 days.

Long positions can be opened from the level of 39.52 with the target at 42.60 and stop-loss at 38.61. Validity – 2-3 days.

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