BRENT crude oil: the decline may be a reason for buying

By | May 8, 2015

Brent crude oil prices of North Sea have been under pressure in recent days after the affected technically and fundamentally important resistance level near $ 70 a barrel. News agencies Reuters and Bloomberg disseminated information that a number of major mining companies in the United States is ready to increase volumes of drilling, if prices continue to rise. However, it can hardly be seen as a pretext for a large-scale fall in prices.

In recent weeks, the price laid decline in production in the United States and geopolitical tensions in Yemen. These factors are still relevant. Accordingly, the current relatively low levels can be interesting to search for long positions in case of technical signals the resumption of growth.

brent crude oil chart
Brent crude oil chart
Trading analytics

Support and resistance levels  
Support 1    65,25
Support 2    63,90
Current price:   65,45
Resistance 1    66,00
Resistance 2    67,15

Brent crude oil (BRN)  –  buy oil  –  Purchases, if quotes close above the resistance level of 66.01. Goal – 67.15 or 68.40. Stop-Loss = 65,25

Warning: Profitability in the past does not mean profitability in the future. Any projections are for informational purposes and do not guarantee the results obtained.

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