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Brent oil attempting a break above 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Brent futures are attempting a technical recovery after prices fell sharply in the previous two sessions on oversupply worries and fading prospects of OPEC and non-OPEC actions.

    Prices are currently flirting with the 10-DMA located at USD 32.63. Oil benchmarks suffered sharp losses after the API report release yesterday showed stocks rose by 3.8 million barrels to 500.4 million in the week to Jan. 29.

    Meanwhile, Shana news carried a report, which said Iran is targeting 2.3 million barrels per day in the next fiscal. The traders now eye the inventory data published by the US government's Energy Information Agency.

    Brent Technical Levels

    The futures are currently trading around $32.63/barrels. The immediate resistance is seen at 33.47 (Jan 27 high), above which the prices could test a major hurdle at 34.10 (5-DMA). On the other hand, a break below 32.21 (previous day’s low) would expose 31.16 (support on hourly chart).
    For more information, read our latest forex news.
     

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