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Brent oil turns positive, European stocks lag

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent futures turned positive despite which the major European equities are struggling to score gains.

    At the time of writing, Brent oil was up 22 cents or 0.5% at USD 34.90/barrel. Prices found bids around the 50-DMA at USD 33.80 levels and turned positive. However, European stocks still trade in the red.

    Euro Stoxx 50 index is still down 0.42%. Germany’s DAX and France’s CAC are down 0.80% and 0.30% respectively. Nevertheless, recovery in oil helped the major indices recovery from daily lows.

    Oil traders now await US inventory data released by the American Petroleum Institute (API) on every Tuesday and official government data released by the Energy Information Administration on Wednesday.

    Brent Technical Levels

    Futures hit a high of USD 35.08, before trimming gains to trade around USD 34.80/barrel. The immediate resistance is seen at 34.94 (previous day’s high), above which prices could rise to 35.71 (Feb 18 high). On the other hand, a breakdown of immediate support at 33.78 (50-DMA) could see prices drop to 33.17 (10-DMA).
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