Current trend
At the last trading session on Friday 14 February, crude oil Brent slightly went up. The rise in price was triggered by the disruptions of oil supply in Libya, where protesters blocked the oil pipelines. Amid this news the “Bulls” managed to raise Brent rate up to 108.93. Today Brent is trading above closing level of the last session; however, due to holiday in the USA high volatility in the market is not expected.
Support and resistance
Support levels: 108.36 and 107.36.
Resistance levels: 109.67 and 110.40.
Trading tips
On the four-hour chart Bollinger bands are horizontal, which indicates low market volatility. MACD histogram is above the zero line and its volume re increasing. Buy positions are recommended after breakdown of the level of 109.67 with a target of 110.40.
Vadim Smarzh
Analyst of LiteForex Group of Companies
