Brent crude oil price adjusted down after a few days of rapid growth. Investors fixed profits in anticipation of an important report from Baker Hughes for drilling rigs in the United States.
This indicator has been quite volatile in recent years. By the end of May, the pace of conservation techniques reset to zero, and the bidders began to believe that the market left manufacturers with the highest costs. However, another decline in the number of working units was recorded in the previous Friday, which was the reason to expect a new wave of decline in drilling.
We believe that the chances of a continuation of this trend are high as the average price per barrel in May was about $ 67 for Brent. We are looking for shopping opportunities at relatively low price levels.
|Brent crude oil price chart|
Support and resistance levels
Support 1 64,80
Support 2 63,90
Current price: 65,28
Resistance 1 65,60
Resistance 2 66,80
Brent crude oil (BRN) – buy crude oil – Purchases, if quotes reached the mark $ 65.60. The goal – 66,80. Stop-Loss = 64,70
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.