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EUR/USD: general review 14 June 2019, 11:05

EUR/USD: general review 14 June 2019, 11:05 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.1265 ...

Jan 11, 2019

Brent Crude Oil: general review 11 January 2019, 10:29


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 62.55
Take Profit 64.06
Stop Loss 62.00
Key Levels 57.81, 59.37, 60.93, 62.50, 64.06, 65.62
Alternative scenario
Recommendation SELL STOP
Entry Point 60.85
Take Profit 59.37
Stop Loss 61.40
Key Levels 57.81, 59.37, 60.93, 62.50, 64.06, 65.62
Current trend
Quotes of Brent show a positive trend having consolidated above 61.00. The prices are supported by news about the reduction in oil production in the United States (last week, reserves fell by 1.680M barrels), as well as a decline in the export of “black gold” from Saudi Arabia.
Positive investor expectations regarding the outcome of trade negotiations between the United States and China also act as a driver of rising oil prices. Today, Baker Hughes is expected to publish a report on oil rig count change in the United States. Last week the number decreased by 8 to 877 units. The continuation of the trend may give additional support to oil quotes.
Support and resistance
Technical indicators show that upward movement potential is preserved. Bollinger Bands and Stochastic lines are directed upwards. MACD volumes slightly reduced in the negative zone but are still keeping a purchase signal.
Resistance levels: 62.50, 64.06, 65.62.
Support levels: 60.93, 59.37, 57.81.

Trading tips
Long positions may be opened above the level of 62.50 with target at 64.06 and stop loss at 62.00.
Short positions may be opened below the level of 60.93 with target at 59.37 and stop loss at 61.40.

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