Brent Oil - 10% gains from the bottom - second day of rebound
There is dynamic rebound in oil. For 24 hours, Brent oil gained more than 10% value, moving from 27.30 to 31.00. Rebounds in oil were usually dynamic, so while the key levels weren't broken, current movement should be seen as a correction. Key resistances are at levels: 36.00 (former support that stopped declines in December) and 42.50. More important is 42.50 level because supply couldn't break it for 5 months in 2015.
Since the beginning of January 2016, oil fell 25% without any bigger correction. Currently it is likely that upward movement will reach at least to Fibonacci 38,2% (31.60 level) or Fibonacci 50% (33.00 level) or even to 61.8% (area 34.60). Last pointed level is strengtened by resistance. Nearest resistances: 31.00, 32.20, 34.60, 36.00. Nearest supports: 29.30, 27.30.
Time-frame H1
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