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Brent finds bids around 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent futures found bids around the 50-DMA located at $33.78 levels, but still remain weak on the day around $34/barrel.

    Supported by hourly 200-MA

    Prices found support at the hourly 200-MA on Friday and rose to a high of $34.94 levels on Monday. The rally was triggered by the IEA report, which predicted a further drop in the US shale production. The production freeze agreement between Saudi, Russia and Qatar is also helping avoid losses.

    Oil traders now await US inventory data released by the American Petroleum Institute (API) on every Tuesday and official government data released by the Energy Information Administration on Wednesday.

    Brent Technical Levels

    The immediate resistance is seen at 34.94 (previous day’s high), above which prices could rise to 35.71 (Feb 18 high). On the other hand, a breakdown of immediate support at 33.78 (50-DMA) could see prices drop to 33.17 (10-DMA).
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