Brent: decline has resumed on February 05, 2016

February 5, 2016

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. Breakdown of support levels of 33.75 (ÅÌÀ144) and 33.40 (ÅÌÀ200 on the hourly chart) can trigger further decline in price.

Consolidation below the level of 32.30 (local lows) will lead the price to psychologically important level of 30.00. Breakdown of this level will trigger rapid decline to the recent lows of 27.00.

Now, the price is at the low limit of the upward channel on the four-hour chart with the upper limit at the level of 39.00. Therefore, a chance of rise in price is also possible. However, the rise in the medium-term can be possible only if the price goes above the recent highs of 36.00.

According to fundamental data, further decline in price is more likely. 

Support levels: 33.75, 33.40, 32.75 and 32.30. 
Resistance levels: 34.35, 35.00, 36.00 and 36.50.

Trading tips

Sell Stop: 33.70. Stop-Loss: 34.50. Take-Profit: 33.00, 32.75, 32.30, 32.00, 30.00, 29.70, 29.00, 28.00, 27.50 and 27.00.
Buy Stop: 34.90. Stop-Loss: 33.60. Take-Profit: 35.90, 36.50, 37.00, 38.00 and 38.40.

Publication source
LiteForex information  LiteForex reviews

January 20, 2017
Cautious EURUSD Ahead of ECB Press Conference
USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco...
January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...
January 18, 2017
Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...

Grand Capital Rating
Larson&Holz IT Ltd Rating
EXNESS Rating
Fort Financial Services Rating
OctaFX Rating
Tickmill Rating

First Binary Option Service Rating
365BinaryOption Rating
TopOption Rating
OptionBit Rating
TropicalTrade Rating
GTOptions Rating