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The oil prices resumed the correction shrugging off the US stockpile rising

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 28, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

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    Brent Mar. 16 Daily 28-01-2016 06-40-14 ص.jpg
    Brent Mar. 16 could keep rising from its formed higher low last Monday at $29.26 to reach $33.49 yesterday unfazed of US EIA Oil stockpile growing in the week ending on Jan. 22 to 494,920m by gaining 8.383m barrels, while the market was waiting for adding 3.277m, after increasing by only 3.979m in the week ending on Jan. 15.

    Brent Mar. 16 daily RSI is now well into the neutral region reading 47.744, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in into 81.908 leading its signal line which is still in the neutral region reading now 75.591.

    Brent Mar. 16 daily Parabolic SAR (step 0.02, maximum 0.2) is referring today to $27.99 in its fifth consecutive day of being below the trading rate.

    Brent Mar. 16 could also improve its look over the short term by having a place above its Daily SMA20 for the second time this year, after being above it in the beginning trading day of the year on growing tension between Iran and Saudi Arabia.


    Important levels: Daily SMA20 @ $32.08, Daily SMA50 @ $37.32, Daily SMA100 @ $42.94 and Daily SMA200 @ $50.74

    S&R:

    S1: $29.26
    S2: $27.10
    S3: $25.51
    R1: $35.25
    R2: $39.68
    R3: $41.56


    Have a good day

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

    walid.s@trade-24.com
    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143
    Archive:
    http://www.trade-24.com/daily-analysis

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