Brent: fall slowed

September 16, 2015

Current trend

After a significant fall at the beginning of the week, on Tuesday the price if Brent crude oil grew slightly. Oil is gradually recovering amid looming publication of the Fed’s meeting on Thursday. The majority of experts assume that the regulator is not going to hike its interest rates at tomorrow’s meeting and will delay the decision until December.

In addition, oil found a support in shrinking reserves and falling output in the US. According to estimates, last week oil reserves in the US shrank by 1.8 million barrels. The official data is going to be published today.

Support and resistance

Bollinger Bands on the daily chart is moving horizontally, but the price range stopped narrowing. MACD is trying to turn up. Stochastic is near the middle of its range and growing.

The indicators recommend waiting for a clearer trading signal.

Support levels: 41.41, 46.63, 46.00 (local low), 45.00, 43.97, 43.00, 42.08 (24 August low).

Resistance levels: 48.10 (local high), 49.24, 50.00 (9 September highs), 50.89, 51.50, 52.15, 53.00, 53.50, 54.16 (31 August high).

Trading tips

Long positions can be opened after the breakout and consolidation above the level of 48.10 (with the appropriate indicators signals) with targets at 49.24, 50.00 and stop-loss at 46.63.

Short positions can be opened after the breakdown of the level of 46.00 with the target at 45.00 and stop-loss at 47.00.

Publication source
LiteForex information  LiteForex reviews

December 9, 2016
Euro slips as ECB extends QE by 9-months
The single currency was weaker after the European Central Bank decided yesterday that it would continue with its bond purchases program. The ECB extended its QE plans from March 2017 to the end of the year...
December 9, 2016
The global stock market rally
The global stock market rally, which was underpinned by further ECB stimulus measures yesterday and a rise in oil prices, continued in Asia overnight, with most markets moving higher...
December 9, 2016
Markets throw caution to the wind
Markets have thrown caution to the wind when it comes to movements as of late as once again US equities set the scene with another stellar rise, though not as big as yesterdays...

Orbex Rating
HYCM Rating
FXCM Rating
Vantage FX Rating
FOREX.com Rating
HotForex Rating

EZTrader Rating
24option Rating
OptionsXO Rating
OptionFair Rating
365BinaryOption Rating
TopOption Rating