03, June 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

The Brent quotes grew after the OPEC meeting in Vienna. The OPEC decided not to limit its production and left the quotes at the same level.

Current situation

The Brent showed active trades yesterday. The OPEC meeting was the main driver for the oil quotes. The pair decreased at the European session and stopped above the support of 48.60. The support became the pivot point where the Brent oil grew to the resistance of 50.50. 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. RSI is in a neutral zone giving no signal.

Trading recommendations

We suppose the pair will go to 50.50 first. Having overcome the first target the price might go upwards to 51.50.