Brent: Support, Resistance
LiteForex Europe | Apr 09, 2015 06:25AM ET
Brent crude oil dropped yesterday by over $2 to $56 per barrel after considerable growth. The key factor for skidding was the increase in US oil stocks. According to official data, US commercial oil stocks rose by 10.95 million barrels to 482,4 million barrels, the highest value since 2001. Gasoline stocks increased by 817 thousand barrels.
On the H4 chart, Bollinger® bands are converging, suggesting that the current downward movement will continue. The MACD histogram is in the positive zone, but its volumes are reducing fast, which points to sellers' potency and further downtrend.
- Resistance levels: 56.00, 57.00, 58.00, 59.00. Support levels: 55.30, 54.60, 53.87.
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