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EIA crude stockpile surpassing 0.5b barrels may have bad psychological impact

Discussion in 'Current Market Sentiments' started by fx-recommends, Feb 2, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
    Likes Received:
    Brent Apr. 16 Daily 03-02-2016 05-23-34 ص.jpg
    After last week rebound which has been extended to $36.75, Brent Apr. 16 came again under pressure this week to be traded now near $32.50.

    Brent Apr. 16 which is still keeping existence until now above its daily SMA20 is still above its daily Parabolic SAR (step 0.02, maximum 0.2) is referring today to $30.56 in its ninth consecutive day of being below the trading rate.

    Brent Apr. 16 daily RSI is now in the neutral region reading 45.898 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in neutral area but close to the oversold area below 20 reading 31.901 and leading its signal line which is in a higher place in the neutral region reading now 55.491.

    Brent Apr. 16 which has been unfazed of US EIA Oil stockpile growing in the week ending on Jan. 22 to 494,920m by gaining 8.383m barrels is waiting today for the crude inventory figure of the week ending on Jan.29 to be up by 4.733m, while surpassing 0.5b barrels may have bad psychological impact on the oil prices.

    Important levels: Daily SMA20 @ $31.77, Daily SMA50 @ $36.57, Daily SMA100 @ $42.40 and Daily SMA200 @ $50.16


    S1: $30.12
    S2: $29.28
    S3: $27.10
    R1: $36.75
    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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