Despite the decline, oil is traded in the bull market (see "Fundamental Analysis and Market Expectations")
. The price found support at 62.70, while technical indicators OsMA and Stochastic turned up on the daily chart, signaling an upward advance.
However, the breakout of the support levels 55.80, 53.80 will strengthen the negative dynamics and the likelihood of a return into the downtrend.
Support levels: 62.70, 61.40, 60.00, 59.40, 55.80, 53.80, 51.07
Resistance levels: 63.63, 63.92, 65.56, 67.72, 70.00, 71.82, 75.50, 86.60
Trading recommendations
Sell Stop 61.30. Stop-Loss 65.60. Take-Profit 61.00, 60.00, 59.40, 55.80, 53.80, 51.07
Buy Stop 65.60. Stop-Loss 61.30. Take-Profit 67.72, 70.00, 71.82, 75.50, 86.60
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**) Brent: Current Fundamental Analysis and Market Expectations
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