Where is Brent Crude trading right now
Fundamental Drivers for any recent move: OPEC announcing production cuts
— Javier Blas (@JavierBlas2) October 4, 2016
How Brent Crude is positioned on the chart?
If you stretch the chart and look at last 13 months - it's quite clear that Brent is trading near significant zone of resistance of $53-$54. For whatever reason, if Crudes moves above $54.5 - it will invite momentum in the crude and can take the prices higher in short term. Will it happen - only time will tell. Brent Crude is in sideways trading mode and any breakout above $54 will surprise lots of people
Brent Crude now has a new range between $42 and $53.
Yes OPEC has put a floor
— Deepak Singh (@smarket) October 5, 2016
Brent Crude near $52-$54 is at a very interesting level and requires monitoring. I will keep you posted. These are my personal views and Please do your own due diligence before putting any money to work.