Brent: Oil prices can renew the plunge

February 2, 2016

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. Breakdown of the support levels of 34.50 (ÅÌÀ200 on the four-hour chart) and 33.40 (ÅÌÀ144) will trigger the movement of price to psychologically important level of 30.00 USD per barrel and give a chance of the further decline up to the recent lows of 27.00.

On the daily chart the bottom line of the downward channel is near the level of 26.00. The rise above the level of 36.50 (ÅÌÀ50 on the daily chart) is hardly possible, as fundamental data is favourable for the decline in price.

Support levels: 34.50, 33.40, 32.70 and 32.00.
Resistance levels: 36.00 and 36.50.

Trading tips

Sell Stop: 34.30. Stop-Loss: 35.10. Take-Profit: 33.40, 33.00, 32.00, 30.00, 29.70, 29.00, 28.00 and 27.50.
Buy Stop: 37.10. Stop-Loss: 35.50. Take-Profit: 38.00, 38.40, 39.00.

Publication source
LiteForex information  LiteForex reviews

October 24, 2016
Important economic events for the coming week
Monday, October 24, 2016 - JPY Small Business Confidence (OCT), EUR Markit/BME Germany Manufacturing PMI (OCT P), USD Markit US Manufacturing PMI (OCT P)...
October 21, 2016
US Presidential Election: Final Debate Aftermath
With the dust having settled after Wednesday final US presidential debate of the 2016 campaign between Donald Trump and Hillary Clinton, the results have become rather apparent...
October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...

FXCM Rating
FBS Rating
Tickmill Rating
OANDA Rating
FIBO Group Rating
XM Rating

24option Rating
EZTrader Rating
OptionFair Rating
Grand Option Rating
Porter Finance Rating
Banc De Binary Rating