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The fear of Iranian oil floods dragged Brent down

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 14, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    Brent-FEB16 14-01-2016 07-28-28 ص.jpg
    On rumors about close implementing of the Iranian nuclear pact, Brent oil falling could outpace WTI slide yesterday shrugging off US EIA Oil stockpile of the week ending on Jan. 8 which came yesterday to show rising by only 0.234m barrels, while the market was waiting for adding 2.5, after gaining 5.085m in the week ending on Jan. 1.

    Brent FEB 16 has been already under pressure by continued worries about the demand solidarity because of the economic slowdown signs from china and the weaker than expected manufacturing performance in US last month.

    Brent FEB 16 capitalization on the Iranian Saudi tension was to form merely a peak at $38.97 just above its daily SMA20, before retreating acceleration could be extended for 9 days driving its daily Stochastic Oscillator (5, 3, 3) which is sensitive to the volatility to have its main line in the oversold area below 20 reading now 7.120 and also its signal line which is reading 6.435.

    Important levels: Daily SMA20 @ $35.26, Daily SMA50 @ $40.50, Daily SMA100 @ $44.79 and Daily SMA200 @ $52.23


    S1: $29.63
    S2: $29.02
    S3: $28.09
    R1: $32.37
    R2: $34.70
    R3: $38.97

    Have a good day

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

    Tel: UK. +44 1138590277
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