Brent finds support in IEA comments, above $37

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Brent futures found support in bullish comments from IEA, but is struggling to take out $37.37 (38.2% of Oct high – Jan low).

    Supported at $36.80

    Prices recovered from the low of $36.80 after the IEA economist said the investment in oil industry could continue to fall in 2016 due to low oil prices. The resulting bullish move pushed futures to a high of $37.37.

    However, the bullish move is once again failing to take out 38.2% Fibo level, which has acted as a strong resistance since last two sessions. Traders now await the US non-farm payrolls report and Baker Hughes oil rig report in the US.

    Brent Technical Levels

    The immediate resistance is seen at 37.37 (38.2% of Oct high-Jan low), above which prices could test 38.04 (Dec 24 high). On the other hand, a break below the immediate support at 36.33 (previous day’s low) could see prices drift lower to 35.71 (Feb 18 high).
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