Brent Crude Oil: upward trend restores

Current trend

The oil price is consolidating in the narrowing sideways channel. The lack of fundamental background did not affect the instrument significantly.

USD against the main currencies is moving within the sideways channel. The “black gold” price is supported by the implementation of OPEC+ Oil Production Limitation Agreement. On the other hand, the instrument is under pressure of the growth of US oil production.

Today and tomorrow a number of key releases, such as US Industrial Production, will be published, which can hardly affect the current trend significantly.

Support and resistance

In the middle term, the price can decrease to the lows of the middle of the February level 61.65 and possibly lower, to the levels of 60.00 and 59.00 (the lower border of the long term upward channel). However, the long term upward trend maintains, and the price after deeper correction will go upwards and test new local highs.

On the daily chart, the technical indicators reflect the consolidation in the wide sideways channel, MACD signal line is tending to the zero line, Bollinger Bands are directed horizontally.

Resistance levels: 64.50, 64.75, 66.55, 67.00, 67.60, 69.60, 70.10, 70.70, 71.50.

Support levels: 63.25, 61.65, 61.20, 60.00, 59.50, 59.00, 58.20, 57.10, 56.50.

Trading tips

It is relevant to open pending long positions from the levels of 61.65, 60.00, and 59.00 with the targets at 70.10, 70.70, and 71.50 and stop loss 57.70.

Brent Crude Oil

Buy Sell Spread
64.902 64.832 70


Timeframe Weekly
Recommendations BUY LIMIT
Entry Point 61.65, 60.00, 59.00
Take Profit 70.10, 70.70, 71.50
Stop Loss 57.70
Support levels 56.50, 57.10, 58.20, 59.00, 59.50, 60.00, 61.20, 63.25, 64.50, 64.75, 66.55, 67.00, 67.60, 69.60, 70.10, 70.70, 71.50

Brent Crude Oil: upward trend restores

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