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Brent Crude Oil Moving In Narrow Range

By Kristina LeonovaCommoditiesMar 20, 2017 08:43AM ET
Brent Crude Oil Moving In Narrow Range
By Kristina Leonova   |  Mar 20, 2017 08:43AM ET
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Brent Crude Oil 4-Hour Chart
Brent Crude Oil 4-Hour Chart

Brent quotes are moving in the narrow range with the borders from 51.40 to 52.21. The market is relatively calm with low trade activities. The quotes of oil are under pressure of the data released by Baker Hughes on Friday about the increase of the number of drilling rigs in the USA by 14 (up to 631).

Due to market inactivity and the absence of fundamental drivers let us turn to technical analysis. The quote tests the support level of 51.40. Of overcome, it may cause a new wave of oil sales. On the 4-hour chart, technical indicators show that a decreasing rate is being formed. Bollinger Bands demonstrate slight diversion. MACD histogram is in the negative zone, and its volume is gradually growing showing increased influence of the sellers.

Support levels: 51.40, 50.29, 49.23.

Resistance levels: 52.21, 53.13, 54.06.

Brent Crude Oil Moving In Narrow Range
Brent Crude Oil Moving In Narrow Range

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