1. Hello Guest Click here to check FX Binary Point Financial Directory

Brent oil rejected at 38.2% Fibo level

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 oil futures failed again to take out $37.37 (38.2% of Oct high-Jan low), despite signs of a dip in the US oil production and talk of OPEC and non-OPEC meet on March 20th.

    Attempting break below $37/barrel

    The futures are attempting a break below $37 levels as the bulls are having a tough time taking prices above the key Fibo level. Moreover, the Fibo level has played a spoil sport for last two trading sessions.

    The US government data, which revealed huge stock buildup, also said the output fell for a sixth straight week to 9.08 million barrels a day. This was the lowest oil production since November 2014.

    However, the news failed to push prices above $37.36 levels. Oil traders now await the Baker Hughes US oil rig count report due for release in the NY session.

    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).
    For more information, read our latest forex news.

Share This Page