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Brent futures hit fresh 6-1/2 year low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Brent futures fell to a fresh 6-1/2 year low in the US session as OPEC’s reluctance to change its strategy opened doors for the oil bears to flex their muscles.

    Brent Jan futures took out the previous 2015 low of USD 42.22/barrel seen in August and fell to USD 41.78/barrel; its lowest since March 2009.

    It remains to be seen if the prices see a daily close below the previous cyclical low of USD 42.22 (August low) or witness a strong rebound to close the week higher on Friday.

    Brent Technical Levels

    At USD 41.92/barrel and amid a sharp sell-off, the prices may not pay any attention to the psychological levels – 41, 40 (supports) or 42, 432 (resistance levels). On the monthly chart, a strong resistance is seen directly at 45.18 (Jan 2015 low. On the other hand, support is seen at 39.34 (Feb 2009 low) and 36.20 (Dec 2008 low).
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