Brent Crude Oil: technical analysis 30 May 2019, 14:12

Brent Crude Oil: technical analysis

30 May 2019, 14:12

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	69.00
Take Profit	67.50, 66.50, 64.00
Stop Loss	69.70
Key Levels	64.00, 66.50, 67.50, 71.00, 72.50, 74.50

Alternative scenario
Recommendation	BUY STOP
Entry Point	72.50
Take Profit	74.50
Stop Loss	71.00
Key Levels	64.00, 66.50, 67.50, 71.00, 72.50, 74.50

Brent Crude Oil, H4
On the 4-hour chart, the instrument is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is about to test from above its longer MA. The Composite is testing its longer MA as well.

Brent Crude Oil, D1
On the daily chart, the instrument is trading in the lower Bollinger band. The price remains on the level with its moving averages that are horizontal. The RSI is approaching the border of the oversold zone. The Composite is testing from below its longer MA.

Key levels
Support levels: 67.50 (local lows), 66.50 (April 2018 lows), 64.00 (March lows).
Resistance levels: 71.00 (local highs), 72.50 (local highs), 74.50 (local highs).
Trading tips
The fall is likely to continue.
Short positions can be opened from current prices with targets at 67.50, 66.50, 64.00 and stop-loss at 69.70. Validity – 3-5 days.
Long positions can be opened from the level of 72.50 with the target at 74.50 and stop-loss at 71.00. Validity – 3-5 days.