Today’s look at Brent and WTI

Brent

Oil prices have been moving lower all week from their gap up on Friday, and now find themselves resting above key support at $54. A move below here would target $52.55 and then $51.14. Bulls would want to see the price head back above $55, which would open the way to another test of $57.

WTI

The push below $52 suggests that we are likely to see lower oil prices towards the end of the year. At present the price is oversold intraday, so a bounce could materialise, but overall it looks like a move below $50 is on the cards. Potential support is possible around $51, $50.25 and then $48.94. A bounce has to get a daily close back above $52, which might then target $53 and $54.35.

Click to view all articles for the EPIC: ,
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Guardian Stockbrokers

    More articles like this

    Guardian Stockbrokers

    Guardian Daily Technical Analysis Report

    INDICES FTSE 100 After Monday’s defence of the 6240 area, and yesterday’s tight session, we wait to see which side has the strength to establish a direction. With the price still stuck below 6340 it looks