Brent: general analysis on 22.09.2014

September 22, 2014

Current trend 

Crude oil Brent continues to be under pressure, maintaining position below 100 USD per barrel. The nearest resistance level is 98.44. If the price does not try to go up higher, the price of oil can drop to 90.00 USD per barrel.

Experts believe that one of the reasons of decline is strengthening of the USD against other major currencies, which indicates recovery of the US economy. On the other hand, OPEC can provide long-term support to the “black gold,” as it has already announced about possibility of reduction of oil production by 500 thousand barrels per day in 2015. Other positive factor, which prevents further decline in oil price - is the reduction of oil supply from Libya because of the damage of the oil storage in one of the plants of Zawiya.

Support and resistance

The nearest resistance level is Murray line of 6/8 (98.44). Support levels is 97.66 (5/8 Murray line).

Trading tips 

It is recommended to open short positions after breakdown of the level of 97.66 with protective order at 98.00 and a target of 95.20.

 

Publication source
LiteForex information  LiteForex reviews

January 17, 2017
ECB policy was focused on avoiding deflation trap
Asian stock markets were mixed, with Japan and ASX heading south amid reports that U.K. Prime Minister May will announce plans for a hard Brexit at today’s keynote speech. Yen strength is also continuing to put pressure on the Japanese markets...
January 17, 2017
Trump's inauguration and May's speech to shape up the markets this week
Markets started the week with no sharp changes and lower trading volumes, due to the Martin Luther King Day in the US, ahead of the crucial monetary policy decisions of the ECB and BoC...
January 17, 2017
Yen strengthens as markets jittery ahead of May's press conference
The U.S. dollar was trading weak yesterday in a holiday thin trading session. The Japanese yen strengthened strongly in the early hours today as investors turn cautious ahead of the British PM...

Z.com Trade Rating
Tickmill Rating
OctaFX Rating
FxPro Rating
Larson&Holz IT Ltd Rating
XTB Rating

Anyoption Rating
TropicalTrade Rating
Porter Finance Rating
Binary Brokerz Rating
OptionFair Rating
24option Rating