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Brent could rise ahead of the US crude stockpile data

Discussion in 'Current Market Sentiments' started by fx-recommends, Dec 30, 2015.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
    Likes Received:
    Brent FEB-16 H1 30-12-2015 06-39-05 ص.jpg

    The markets are to be waiting for the release of US EIA Oil stockpile of the week ending on Dec.25, after setting back in the week ending on Dec. 18 by 5.877m which could bolster demand for oil to rebound by the end of last week.

    Brent-Feb16 could find a higher floor at $36.41 to rebound again but it could not surpass last Thursday high at $38.09 to be satisfied by reaching $37.97 before residing for trading currently near $37.50.

    Brent could hardly form a base at $35.98, after increasing of the downside momentum following forming another lower high at $39.68 on Dec. 15.

    Brent-Feb16 daily Parabolic SAR (step 0.02, maximum 0.2) to read today $36.22 in its fifth consecutive day of being below the trading rate, after 30 days of being above the trading rate to reflect the current try to correct to the upside.

    Brent FEB 16 rebound could fix some of its oversold stance over the short term to be placed above its hourly SMA20, SMA50, SMA100 and SMA200 but it still depressed over longer run by continued being below its daily SMA20, SMA50, SMA100 and SMA200.

    Important levels: Daily SMA20 @ $38.78, Daily SMA50 @ $43.49, Daily SMA100 @ $46.14 and Daily SMA200 @ $53.39


    S1: $36.41
    S2: $35.98
    S3: $34.19
    R1: $38.09
    R2: $39.68
    R3: $41.56

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

    To open your account at Trade-24 - Click here

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