Brent oil: Gap filling underway, trades above $29/barrel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    FXStreet (Mumbai) - Brent prices recovered from Asian session lows and are now trading around USD 29/barrel.

    Prices are filling the gap created after the futures opened at USD 28.11 compared to Friday’s close of USD 29.22. Oil prices at both the sides of the Atlantic witnessed a gap down opening in early Asia as investors priced-in an increase in Iranian oil supplies after sanction were lifted over the weekend.

    Brent futures currently trade 0.35% or 10 cents higher on the day at USD 29.15/barrel. Across the pond, WTI futures also trade 0.25% or 7 cents higher at USD 30.54/barrel.

    Brent oil Technical Levels

    The immediate resistance is seen at 29.94 (Jan 13 low)-30.00, breach of which could take the futures higher to 32.14 (Jan 7 low). On the other side, support is seen at 28.69 (hourly chart support), under which the pair could revisit 27.69.
    For more information, read our latest forex news.
     

Share This Page

free forex signals