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Price of Brent Crude Oil Steadies Ahead of Major Support Zone

Price of Brent Crude Oil Steadies Ahead of Major Support Zone

Martin Essex, MSTA, Analyst

Brent Crude Oil talking points:

- The price of oil is in focus Monday as Middle East tensions escalate.

- That has helped the price edge higher and several key support levels are likely to limit any losses near-term.

Check out the IG Client Sentiment data to help you trade profitably.

And take a look at our Q2 forecasts for the major currency pairs, gold, oil and equities.

The price of Brent crude oil edged modestly higher Monday as Russia and Syria blamed Israel for a missile strike on a Syrian air base and US President Donald Trump warned of a “big price to pay following reports of a poison gas attack on a rebel-held Syrian town.

The move did little to change the doward trend the price has been in since the start of April but further losses are likely to be limited as the price nears a series of supports that are likely to delay any sharper moves downwards.

Brent Crude Oil Price Chart, Daily Timeframe (Year to Date)

Latest Brent crude oil price chart.

Chart by IG

As the chart above shows, the price of the global oil benchmark has now rallied for two successive sessions and could move modestly higher still until it reaches trendline resistance at $67.83 per barrel. Moreover, any losses are likely to be limited by a series of support points:

  • At $66.64 from the 100-day moving average,
  • At $66.16 from the 50-day moving average,
  • At $66.05 from the trendline joining the rising lows recorded since mid-February, and
  • At $65.44 from the trendline joining the falling lows recorded since late March.

To the upside, the key levels to watch are:

  • $67.82 from the trendline joining the lower highs touched so far this month, and
  • At $68.14 from the 20-day moving average.

Resources to help you trade the forex markets

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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