OIL BRENT – 10% gaings from the bottom – second day of rebound

There is dynamic rebound at OIL. Since 24 hours OIL BRENT gained more than 10% value, moving from 27.30 to 31.00. Rebounds at OIL were usually dynamic so while the key levels weren’t broken current movement should be seen as a correction. Key resistances are at levels: 36.00 (former support that stopped declines in December) and 42.50. More important is 42.50 level because supply couldn’t break it for 5 months in 2015.

Since the beginning of January 2016 OIL fell 25% without any bigger correction. Currently it is likely that upward movement will reach at least to Fibonacci 38,2% (31.60 level) or Fibonacci 50% (33.00 level) or even to 61.8% (area 34.60). Last pointed level is strengtened by resistance. Nearest resistances: 31.00, 32.20, 34.60, 36.00. Nearest supports: 29.30, 27.30.

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Time-frame H1