Brent: correction after yesterday’s fall on 07.07.2015

7 July, 2015

Current trend

Out of all commodities, oil experienced the biggest fall yesterday. The price of crude oil WTI fell by 7.7%, which was the biggest single day fall since 4 February, while Brent fell by 6.3% (the biggest single day fall since 27 November).

Today, the price made a little correction. August WTI futures grew by $0.39, while Brent grew by $0.52.

Oil price remains under the pressure because of the following reasons: large reserves in the US; oversupplied markets; falling Chinese imports; Greek crisis; a possibility that the Iranian oil is released on the markets if the agreement on its nuclear program is reached this week.

Moreover, oil output from OPEC countries is increasing despite daily output quota of 30 million barrels set earlier. In June, for example, OPEC pumped out 31.28 million barrels a day, which was 170 thousand barrels more than in May.

Thus, in the medium-term the price of oil remains under the pressure.

Support and resistance

Yesterday, the price broke down the support level at 58.00 and today oil is trading near the bottom border of a descending channel at 57.00. The next aims are 55.00, 53.00 should the trend continues.

OsMA and Stochastic on the 4-hour, daily and weekly charts remain in the sell zone.

Support levels: 56.00, 55.00, 53.00.

Resistance levels: 59.00, 60.80.

Trading tips

Open short positions from the levels of 58.00, 60.00 with targets at 55.00, 53.00 and stop-loss at 59.50.

Long positons can be opened after the breakout of the level of 60.80 with targets at 62.80, 63.90, and 68.60, 72.70 (38.2% Fibonacci) should the trend continues.


Source link  
XAG/USD: A decline might resume

On the 4-hour chart, the pair is trading near the level of 15.32 (23.6% correction). The price is supported by the 38.2% fan line, directed up, and the level of 15.05 (38.2% correction)...

USD/TRY: Dollar resumed growth

Since the beginning of this week, the pair continues strengthening amid some reduction in anxiety on the market. The Dollar was supported by data on Retail Sales that came out in the US on Friday. In January, the index grew by 0.2% that was slightly better than forecasts of economists...

Brent: growth resumed on February 15, 2016

Since the middle of the previous week, the price of Brent crude oil continues growing amid weakness of the US Dollar. In addition, the price is supported by expectations of the reduction in output by major world producers...


XAU/USD: technical analysis

On the daily chart, the pair is trading just above the lower MA of Bollinger Bands. The price remains below the EMA130, EMA65 and EMA14, all directed down. The RSI is failing to break out from the oversold zone as it tested its resistance at 32 mark two times last week...

XAU/USD: gold renews lows

On Thursday, the price of gold fell to its 5-year lows. The Bearish trend accelerated amid macroeconomic statistics form the US than strengthened expectations of an interest rates hike on the US in December...

XAG/USD: pair is falling

The price remains under pressure amid strengthening US Dollar that was significantly supported after the publication of strong NFPR data in the US that substantially increased chances of an interest rate hike in December...


Brent: Fibonacci analysis

On the 4-hour chart, the price is trading in the area of 48.10 which is seen as a particularly strong level as 23.6% Fibonacci both for the short-term and medium-term trends have concentrated in the area of 48.10-47.80...

Brent: moderate growth

At the end of last week, the price of Brent crude oil strengthened moderately, being supported by the weakness of the US dollar which failed to hold its positions, gained after the recent Fed meeting...

XAU/USD: gold reached local highs

Last week the price of gold significantly grew. The pair remains under pressure amid concerns on the markets that the Fed will refrain from an interest rate increase before the end of the year...

  


Share: