Brent: At the Level of 43.80

Brent: At the Level of 43.80

15 April 2016, 21:08
Roberto Jacobs

Brent: At the Level of 43.80

The spot-price of crude oil Brent has been at the level of 43.80 USD per barrel for the third consecutive day. This level is crossed by the moving average with the period 200 on the daily chart. On 4-hour chart the indicators OsMA and Stochastic give signals to sell, on the daily chart the indicators are reversing towards the short positions.
In case of breakout and consolidation below support level of 42.15 (Fibonacci 38.2% to the decline since June 2015 and the level of 65.00 at that time), 41.40 (ЕМА144 on the daily chart), the price will go to the level of 39.30 (ЕМА50 and the lower line of the ascending channel on the daily chart). Consolidation below the level of 36.65 (Fibonacci 23.6%) will bring the price back to the downtrend.

As an alternative scenario the price can go up to the level of 46.55 (Fibonacci 50% and ЕМА50 on the daily chart).
Steady rise above this level is unlikely due to the oversupply of oil in the world.

Support levels: 42.15, 41.40, 41.00, 40.00, 39.30 and 36.65.
Resistance levels: 43.80, 44.00, 44.80, 45.00, 46.00 and 46.55.

Trading tips
Sell Stop: 43.10. Stop-Loss: 43.90. Take-Profit: 42.15, 41.40, 39.30 and 38.85.
Buy Stop: 44.90. Stop-Loss: 44.20. Take-Profit: 45.00, 46.00 and 46.55.



The material has been provided by LiteForex - Finance Services Company -

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