Thursday, April 14, 2016

Brent: meeting of oil producers


Scenario
Timeframe Weekly
Recommendation SELL LIMIT
Entry Point 47.70, 49.05, 50.75
Take Profit 44.50, 41.00
Stop Loss 51.10
Key Levels 30.00, 32.00, 35.30, 36.00, 39.50, 41.00, 42.25, 44.50, 46.40, 47.70, 49.05, 50.75, 52.00 

Current trend
Since the beginning of the month, the price of Brent crude oil continues growing.
The price was supported by expectations of the meeting of main oil producers in Doha that is due on 17 April, and where they could reach an agreement on a freeze in oil output levels. In addition, the price is supported by continuously shrinking shale oil production in the US. According to the latest report by the US Department of Energy, the production is falling by 15 thousand barrels per day. The main reason remains unprofitability to produce at current prices. Oil prices were also supported by weakening in the US Dollar.
This week, extra attention needs to be paid to outcomes of the meeting in Doha that could determine further dynamics in the price.

Support and resistance
The price continues testing the key resistance level at 44.50. In the medium-term, the growth could continue, however not above the level of 50.00, and the fall will resume thereafter.
Support levels: 42.25, 41.00, 39.50, 37.75, 36.00, 35.30, 33.70, 32.00, 30.35, 30.00.
Resistance levels: 44.50, 46.40, 47.70, 49.05, 50.75, 52.00.

Trading tips
Pending sell order can be placed at the levels of 47.70, 49.05, 50.75 with targets at 44.50, 41.00 and stop-loss at 51.10.



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