Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Brent Crude Oil Moving In Narrow Range

Published 03/20/2017, 08:43 AM
Updated 07/09/2023, 06:31 AM

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.