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Brent oil revisits Thursday’s high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Brent futures ticked higher in Asia and extended gains to trade near the previous day’s high of USD 35.79/barrel.

    Eyes oil rig count data

    The traders would be interested to see if the rig count in the US continued to drop last week on account of weak oil prices. This is essential if prices are to have a sustainable recovery. The Baker Hughes report on US rig count is expected to show is due for release in the US session.

    In the meantime, the technical recovery may gain pace if the futures manage to chew through offers around the resistance at USD 35.96 (Dec 22 low).

    Brent Technical Levels

    The futures currently trade around USD 35.50/barrel. The immediate resistance is seen at 35.96 (Dec 22 low), which if taken out would open doors for a rally to 37.12 (50-DMA). On the other hand, a break below 34.80 (5-MA on 4-hr) could send the prices lower to 33.99 (200-MA on 4-hr).
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