Brent oil rejected at 38.2% Fibo level

March 4, 2016

Brent oil futures failed again to take out $37.37 (38.2% of Oct high-Jan low), despite signs of a dip in the US oil production and talk of OPEC and non-OPEC meet on March 20th. 

Attempting break below $37/barrel

The futures are attempting a break below $37 levels as the bulls are having a tough time taking prices above the key Fibo level. Moreover, the Fibo level has played a spoil sport for last two trading sessions. 

The US government data, which revealed huge stock buildup, also said the output fell for a sixth straight week to 9.08 million barrels a day. This was the lowest oil production since November 2014.

However, the news failed to push prices above $37.36 levels. Oil traders now await the Baker Hughes US oil rig count report due for release in the NY session. 

Brent Technical Levels

The immediate resistance is seen at 37.37 (38.2% of Oct high-Jan low), above which prices could test 38.04 (Dec 24 high). On the other hand, a break below the immediate support at 36.33 (previous day’s low) could see prices drift lower to 35.71 (Feb 18 high).

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