Brent: general review
Yesterday the price of Brent crude oil corrected up and tested the level of 46.67, but could not consolidate above it. The price was supported by news that forest fires in Canada curbed its oil production.
Today extra attention needs to be paid to data on the Non-farm Payrolls that is due in the US at 2:30 pm (GMT+2). Growth in the index might support the US Dollar and pressure oil prices.
Support and resistance
On the 4-hour chart, MACD histogram is in the negative zone and its volumes are growing. Bollinger bands are directed down suggesting the downward tendency will continue.
Support levels: 44.00, 43.00, 42.00.
Resistance levels: 45.00, 46.00, 47.26, 48.15.
Short positions can be opened after the price consolidation below the level of 44.00 with targets at 43.00, 42.00 and stop-loss at 44.65.
Long positions can be opened after the price consolidation above the level of 46.00 with targets at 47.00, 48.00 and stop-loss at 45.35.