01, September 2016

Brent (a 4-hour chart)

General overview

The crude oil fell to the 3-week low when oil supplies in the U.S. rose for the second week in a row.

Current situation

The crude oil is under intense selling pressure. The sellers managed to lead the price from the resistance 48.50 to the level 47.50. The price did not remain at 47.50 and continued advancing south. MACD and RSI slightly changed from yesterday. The indicators generate a sell signal. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

The price broke the 100-EMA on its way down in the 4 hours chart. The instrument is approaching the 200-EMA now. The 50-EMA is moving down, the 100 and 200 EMAs are still heading north.

Trading recommendations

If the price keeps going down it will reach the level 46.50 soon.