Brent Crude Oil: general review
21 May 2018, 11:10
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 78.05 |
| Take Profit | 76.56 |
| Stop Loss | 78.60 |
| Key Levels | 75.00, 76.56, 78.12, 79.68, 81.25, 82.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 79.75 |
| Take Profit | 81.25, 82.00 |
| Stop Loss | 79.20 |
| Key Levels | 75.00, 76.56, 78.12, 79.68, 81.25, 82.00 |
Current trend
Oil quotes declined after the publication of the Baker Hughes report on Friday, according to which the number of active platforms in the US over the week remained unchanged at 844 units.
On Monday morning, the rate of Brent slightly adjusted upward amid the refusal of the US and China to continue the so-called trade war. In the absence of significant fundamental factors, today the price is consolidated in the mid-line of Bollinger Bands (78.90).
One of the main events of this week for investors will be a meeting of the Saudi Arabian and Russian energy ministers at the international economic forum in St. Petersburg. It is expected that the meeting participants will discuss the problems of the oil market associated with the US withdrawal from the nuclear deal with Iran.
Support and resistance
Technical indicators don't provide a clear signal. The volumes of MACD histogram are reducing in the positive zone indicating growing influence of the sellers. Stochastic lines are directed upwards. Bollinger Bands are directed sidewards, showing that the market is relatively calm and the rate movement is sideways.
Support levels: 78.12, 76.56, 75.00.
Resistance levels: 79.68, 81.25, 82.00.
Trading tips
Sell positions may be opened below the level of 78.12 with target at 76.56 and stop-loss at 78.60.
Buy positions may be opened above the level of 79.68 with targets at 81.25–82.00 and stop-loss at 79.20.
Oil quotes declined after the publication of the Baker Hughes report on Friday, according to which the number of active platforms in the US over the week remained unchanged at 844 units.
On Monday morning, the rate of Brent slightly adjusted upward amid the refusal of the US and China to continue the so-called trade war. In the absence of significant fundamental factors, today the price is consolidated in the mid-line of Bollinger Bands (78.90).
One of the main events of this week for investors will be a meeting of the Saudi Arabian and Russian energy ministers at the international economic forum in St. Petersburg. It is expected that the meeting participants will discuss the problems of the oil market associated with the US withdrawal from the nuclear deal with Iran.
Support and resistance
Technical indicators don't provide a clear signal. The volumes of MACD histogram are reducing in the positive zone indicating growing influence of the sellers. Stochastic lines are directed upwards. Bollinger Bands are directed sidewards, showing that the market is relatively calm and the rate movement is sideways.
Support levels: 78.12, 76.56, 75.00.
Resistance levels: 79.68, 81.25, 82.00.
Trading tips
Sell positions may be opened below the level of 78.12 with target at 76.56 and stop-loss at 78.60.
Buy positions may be opened above the level of 79.68 with targets at 81.25–82.00 and stop-loss at 79.20.
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