BRENT - Important levels before US Oil Stocks announcement
Global markets started this week following new tarriffs and statements between US and China. President Trump wants to decrease import of goods from China and also mentioned that US should undertake necessary steps to replace Chinese products. At G7 summit Trump pointed out that new economic and trading partnership with EU will be put on place. Also President Trump made a giant statement that he is ready to negotiate and meet with Iran's President Mr. Hasan Ruhani.
These news, although sounds speculative but resulted markets inpredictable movements and uncertanity in Asian markets.
UKOIL prices following a downtrend recently tested the psychologic resistance of 60USD. Tomorrow at the US Crude Oil Stocls announcements we are expecting a dropdown of crude oil stocks to 2.133M. This could support the trend reversal of the UKOIL prices and pump the price upwards. For short-term we can surely say that the price will test 60.27 and 61.00 resistnaces. Following resistances are 63.00 and 64.15. Brent in general is in a downtrend since the beginning of the year, we do not expect the price to be above 65.00 which is a very strong resistance, and sellers will do anything to bring the price down from there. Let's follow the price to test 58.35 and 57.60 supports and move towards 61.00.
Support 1 :58.35
Support 2 : 57.60
Support 3 : 56.20
Resistance 1: 64.15
Resistance 2: 63.00
Resistance 3: 60.27
For other analyses (fundamental or analyses based on news and global reports) follow trend analysis rules
Good luck to everyone! Click the follow button to stay tuned for more trading ideas!
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These news, although sounds speculative but resulted markets inpredictable movements and uncertanity in Asian markets.
UKOIL prices following a downtrend recently tested the psychologic resistance of 60USD. Tomorrow at the US Crude Oil Stocls announcements we are expecting a dropdown of crude oil stocks to 2.133M. This could support the trend reversal of the UKOIL prices and pump the price upwards. For short-term we can surely say that the price will test 60.27 and 61.00 resistnaces. Following resistances are 63.00 and 64.15. Brent in general is in a downtrend since the beginning of the year, we do not expect the price to be above 65.00 which is a very strong resistance, and sellers will do anything to bring the price down from there. Let's follow the price to test 58.35 and 57.60 supports and move towards 61.00.
Support 1 :58.35
Support 2 : 57.60
Support 3 : 56.20
Resistance 1: 64.15
Resistance 2: 63.00
Resistance 3: 60.27
For other analyses (fundamental or analyses based on news and global reports) follow trend analysis rules
Good luck to everyone! Click the follow button to stay tuned for more trading ideas!
Like the idea? Hit the like button!