Brent oil price near weekly highs – ForTrader.org financial magazine


Current dynamics

Today, during the Asian session, Brent crude oil prices show flat trading dynamics, consolidating near the weekly highs, updated the day before.

The instrument tried to rise yesterday as investors calmed down a bit about the prospects for the return of Iranian oil to the market. Nevertheless, there is no active “bullish” impulse, even taking into account the weak positions in the US currency.

Minor support for the quotes on Tuesday was provided by the data of the report of the American Petroleum Institute on energy reserves. For the week of May 21, statistics showed a decline in inventories by 0.439 million barrels after rising by 0.62 million barrels over the previous period. On Wednesday, investors await the publication of the final report on oil reserves from the US Department of Energy. Forecasts assume a decrease in stocks in the country by 1.279 million barrels after rising by 1.321 million barrels earlier.

Support and resistance levels

On the daily chart, Bollinger bands are moving flat. The price range does not change, but remains wide enough for the current level of market activity. The MACD indicator turned in the direction of growth, having formed a rather strong buy signal (the histogram is above the signal line). The Stochastic is showing a similar trend, but the indicator line is already approaching its maximum values, indicating growing risks of the instrument being overbought in the ultra-short term.

The current readings of technical indicators do not contradict the further growth of the instrument in the nearest time intervals.

  • Resistance levels: 69.00, 70.00, 71.00, 71.80
  • Support levels: 68.00, 67.00, 66.00, 65.00

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