Brent (a 4-hour chart)
Traders believe that the OPEC deal will not cut oil output as the USA may draw more supplies from its storage tanks to support market's demand.
The trend is objectively bullish now. Oil prices extended their buying momentum in yearly trades on Thursday. Prices reached 52.50 where traders took a pause after a recent rally. The benchmark was flirting with the level the whole day trying to take it out. The 50-EMA broke the 200-EMA and headed north in the 4 hours chart. The 50, 100 and 200 EMAs are turning upwards. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.
The MACD histogram grew which indicates buyers’ strength. RSI was consolidating within positive territory.
We expect some profit-taking after the resent rally. The price may roll back to the 51.50 support region.