02, June 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

The oil prices declined on Wednesday, as traders did not expect any important decisions on the upcoming meeting of the OPEC.

Current situation

The Brent oil declined on Wednesday, the quotes reached the level of 48.60. The pair failed to break and consolidate below 48.60. The prices bounced up, reaching the level of 49.60. The technical picture is bullish. The resistance is at the level of 50.50, the support is at 49.60.

MACD indicator is in a positive area. The histogram is below the signal line. The signal is bullish. RSI is in a neutral zone giving no signal.

Trading recommendations

We advise to long with the first target – 50.50. After fixing above the first target, the level 51.50 will become the next one.