On the last trading session on Friday, May 15, the price of crude oil Brent showed mixed dynamics. After the sluggish trading in the morning, the price sharply went down in the afternoon, and reached the lows of 65.40 then it quickly regained lost positions. Trades finished at the level of 66.90. Trading volatility amounted to 130 points.
No important macro-economic that can seriously affect Brent are scheduled for the release today, therefore let’s review technical analysis.
On the four-hour chart technical indicators do not give strong signals; however they show probability of the upward movement. MACD histogram is in the positive zone; its volumes are slowly increasing, reflecting buyers’ influence. Bollinger bands® are converging, indicating upward movement. It is likely that slow growth in price is of short-term and after that Brent will go down.
Resistance levels: 67.00, 67.75 and 68.39.
Support levels: 65.56, 65.40 and 64.40.