Brent Oil: Near Key Level Above Support
FxGrow | Feb 02, 2016 06:01AM ET
Oil Brent - near key level above support
In previous analysis I indicated target for upward movement 36.00, I wrote: "rebounds at oil were usually dynamic so while the key levels weren't broken current movement should be seen as a correction. Key resistances are at levels: 36.00 (former support that stopped declines in December) and 42.50." So it happened and after three failed attempts of breakout that resistance rebound occurred. Today declines reached first strong support at 33.40.
Currently both levels: 36.00 and 33.40 are key for further direction of price movement. Successful break above 36.00 will lead price to 42.50. However break below 33.40 will cause price movement first to 31.60 and second to 30.00.
Time-frame H1
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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