Brent crude oil prices decline after the resistance in the region reached 67 dollars per barrel. Market participants are in no hurry to take a new position at a relatively high price levels in anticipation of the release of data on the drilling rigs from Baker Hughes. They are scheduled for tonight.
In recent weeks, the rate of decline in drilling volumes have dropped significantly, and traders believe that the market in most of the projects are gone, who can not work at a cost below $ 70 a barrel. If the report shows that the number of operating units was reduced by less than 20 points, this thesis will receive an additional confirmation. Accordingly, the upper limit of the established in the last week trading range, where prices are now, contracts may come under pressure, and interesting for sales.
|Brent crude oil chart|
Support and resistance levels
Support 1 65,10
Support 2 63,90
Current price: 66,09
Resistance 1 66,80
Resistance 2 67,70
Brent crude oil (BRN) – sell oil – Sell at 66.15. Goal – 65.15. Stop-Loss = 67,00
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.