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Old 16-02-2021, 07:27
MikhailLF MikhailLF is offline
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Join Date: Sep 2017
Posts: 795
Default Re: Forex News Analysis by LiteForex

Brent Crude Oil: trading near record highs

Current trend

Today, during the Asian session, oil prices change slightly, holding near record highs at $64 per barrel.

The instrument is supported by an improvement in the global epidemiological situation amid the rapid spread of vaccines. Markets are hoping that there will be no new restrictions this year, although it is clear that it will not be possible to complete vaccination campaigns completely. Additional support for the quotes is provided by the restrictive OPEC+ policy. Despite the gradual recovery of the energy market, many countries are in no hurry to return to the previous production volumes, which positively affects the supply.

Friday’s US Baker Hughes' report on active oil platforms reflected another rise in the number of rigs from 299 to 306 units, indicating a gradual recovery in the US oil sector.

Support and resistance

Bollinger bands are growing steadily on the daily chart. The price range is narrowing from the bottom, reflecting the ambiguous nature of recent trading. The MACD indicator is growing, maintaining a relatively strong buy signal (the histogram is above the signal line). Stochastic reversed upwards; however, it is near its highs. The indicator readings indicate that the instrument is strongly overbought in the nearest time intervals.

Development of a corrective decline is possible in the short and/or super-short term.

Resistance levels: 64.00, 65.00, 66.00.
Support levels: 63.00, 62.00, 61.00, 60.00.



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