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Brent Oil: Double bottom formation on intraday charts?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Brent prices have rebounded from the Monday’s low of USD 27.69/barrel levels indicating a possibility of the double bottom formation on the hourly charts.

    Back above $28

    Prices are now trading just above USD 28/barrel handle. Brent fell earlier today after the US oil futures dipped to their lowest level since 2003.

    However, the futures found bids around Monday’s low, but recovery remains slow as the fears of excess supply remain intact. The oil traders now await the US inventory data from the private group American Petroleum Institute (API).

    Brent Technical Levels

    The immediate resistance is seen at 28.44 (hourly chart resistance), above which the futures could rise to 30.22 (double bottom neckline). On the other hand, a break below 27.68 (daily low) would open doors for a slide the psychological support of 27.00.
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