Brent: growth resumed on 09.09.2015

September 9, 2015

Current trend

On Tuesday, the price of Brent crude oil resumed its growth after a recent decline. The price was supported by rising EU stock indexes and macroeconomic releases, indicating the faster-than-expected pace of the European economic growth. Moreover, China’s statistics show that country’s oil consumption has increased quite unexpectedly. In August, 6.297 million barrels per day were imported which is 331K bpd more than a year ago.

Support and resistance

Bollinger Bands indicator on the daily chart is growing; the price range is remaining almost unchanged. MACD restored its buy signal and continued growing. Stochastic is trying to turn up near the oversold zone.

The indicators recommend long positions in the short run.

Support levels: 49.24, 48.10, 47.41 (7 September low), 46.63, 46.00, 45.00, 43.97, 43.00, 42.08 (24 August low).

Resistance levels: 50.00, 50.89, 51.50, 52.12, 53.00, 53.50, 54.16 (21 August local high).

Trading tips

After the breakout and consolidation above the level of 50.00, open long positions with targets at 51.50, 52.00 and stop-loss at 49.20, 49.00.

If the price rebounds down from the level of 50.00, open short positions with the target at 47.41 and stop-loss at 50.80.

Publication source
LiteForex information  LiteForex reviews

February 24, 2017
Gold surges to major $1250 resistance as uncertainty prevails
Gold surged Thursday on a breakout of its previous consolidation to hit and slightly exceed major technical resistance at $1250, a level not seen since early November...
February 24, 2017
Dollar falls as peso and gold rally
The U.S. dollar was the weakest currency yesterday as surprisingly, the Mexican peso rallied, rising 1.22% over the day against the greenback...
February 23, 2017
U.S. dollar muted to Fed minutes
The U.S. dollar index was flat yesterday after the Federal Reserve published the meeting minutes from the January 31 -February 1 monetary policy meeting...

Grand Capital Rating
FIBO Group Rating
FX Giants Rating
XM Rating
Orbex Rating
FXCM Rating

Binary.com Rating
365BinaryOption Rating
Porter Finance Rating
OptionRally Rating
Banc De Binary Rating
Beeoptions Rating