Brent: energy prices will rise
In early April, the price of oil has grown steadily in the background
the weakening dollar. In addition, the negative data coming from shale
US giants: big companies stopped working and drilling rigs
reducing the opening of new ones; many companies are now operating at a loss, and
In the near future we will see a significant drop in oil production.
On the other hand, the volume of production in Saudi Arabia
March has reached new highs, and Iranian oil will rush into the market as soon as
sanctions on Tehran’s nuclear program will be removed.
Despite the build-up of oil production volumes by some
countries, it is clear that in this situation the energy carrier considerably
underestimated. Most likely, production volumes will stabilize soon, and the price will
its equilibrium point. By the third quarter of this year, the oil should
to gain a foothold within the 70-80 dollars per barrel.
Support and resistance levels
Support levels: 57.35, 56.50, 56.10, 55.40,
54.60, 54.00, 53.50, 52.50.
Resistance Levels: 59.10, 59.50, 60.00, 60.80,
61.35, 62.50, 63.05, 65.00.
In this situation actually increase long positions and
pending long positions from key supports to profit at
marks of 62.50, 63.00, 65.00.
Analyst LiteForex Investment
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