Last week the price of Brent crude oil barely changed. Oil was supported by poor macroeconomic data from the US and amid conflict developing in Syria.
At the same time, it is worth noting that oil prices changed very little after the publication of the US statistics. Friday’s data on the NFPR came out a lot worse than predictions of economists (142 thousands new places against forecasted 203 thousand). Experts suggest that now the Fed is likely to postpone its decision on the interest rate increase until later in the year, despite some members of the regulator insisted earlier that the decision should be made in October.
Support and resistance
Bollinger Bands on the daily chart is moving horizontally, while the price range remains very narrow. MACD is growing and giving a buy signal. Stochastic remains near the oversold zone.
The indicators recommend considering purchases or wait for clearer trading signals.
Support levels: 47.41, 46.80 (2 October low), 46.63 (10 September low), 46.00, 45.00.
Resistance levels: 48.35 (local high), 49.13, 50.00 (local high), 50.89, 51.50, 52.15, 53.00, 53.50, 54.16 (31 August high).
Long positions can be opened after the breakout of the level of 49.20 with the target at 50.80 and stop-loss at 49.70. Validity – 1-3 days.
Short positions can be opened after the breakdown of the level of 48.20 with the target at 47.30 and stop-loss at 48.40. Validity – 1-3 days.Publication source