After today’s opening with a slight gap down, the price of crude oil Brent continues to decline, approaching the level of 30.00 USD per barrel. On 4-hour and daily charts the indicators OsMA and Stochastic moved to the negative zone, indicating the increase in short positions.
Breakdown of psychologically important level 30.00 will trigger the decline in price to the recent lows at the level of 27.00. On the daily chart lower limit of the downward channel is below 26.00. If the price goes back above the level of 32.50 (ЕМА50) and 33.75 (ЕМА200 on the 4-hour chart), the price can undergo upward correction.
In this case the price can go to strong resistance levels of 34.75 (upper limit of the downward channel on the daily chart), 35.50 (ЕМА50) and 36.00 (highs of February. If the price exceeds recent high of 36.00, we can recommend long positions at the level of 42.00.
Fundamental data gives ground for the further decline in price.
Support levels: 30.00, 29.50, 29.00, 27.50 and 27.00.
Resistance levels: 32.50, 33.00, 33.75, 34.75, 35.50 and 36.00.
Sell Stop 30.20.
Take-Profit 30.00, 29.70, 29.00, 28.00, 27.50, 27.00.
Buy Stop 31.10.
Take-Profit 31.80, 32.50, 33.00, 33.75.