FXStreet reports that strategists at Commerzbank suggest that consolidation for Brent Oil above the 61.25/59.46 immediate support zone is at hand. Below the mentioned level lies support at 56.80.
“ICE June Brent Crude Oil is expected to be supported by the area seen between the current March low, the 55-day moving average and the mid-February low at 61.25/59.46 in the course of this week and may retest the February high at 66.16.”
“We do not expect the next higher current March peak at 70.67 to be revisited. Instead a top seems to be in the process of being formed, confirmation of which would be a fall through and daily chart close below the 59.46 February 12 low. In this case the January high at 56.80 would be back in focus. Together with the late January low at 54.05 it is likely to offer support.”
© 2000-2021. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at firstname.lastname@example.org.