Brent: review
1. Current trend
Today the rate of the crude oil Brent is falling, but still remains rather high. Brent is getting cheaper due to the fundamental data from China. Import to Heavenly Empire in August was 21.4 million tons; it is 18% lower than previous figures in July.
The additional pressure Brent receives from technical profit takes. The rate of the instrument this high is supported by investors’ anticipation of the resolution to Syrian conflict. As you may know, President Obama seeks Congress approval of the strike. If he gets it, the rate will jump up.
2. Important levels: support and resistance
Support levels: 115.40, 114.40.
Resistance levels: 116.50, 117.30.
3. Trading tips
If US Congress authorizes military intervention, the rate of the instrument will go all the way up to the levels 117.30 and 118.25. Otherwise, we will witness a fall down to the levels 114.40 and 112.20.
Vadim Smarzh
Analyst of LiteForex Group of Companies