05, September 2016

Brent (a 4-hour chart)

General overview

Crude oil Brent got under pressure when skepticism of crude oil output freeze by the OPEC members grew in the market.

Current situation

The price bounced off the support 45.30 on Friday. Buyers were able to push the price above the resistance 46.50. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

The price broke the 200-EMA upwards in the 4 hours chart. The 50-EMA is turning around, 100-EMA is moving upwards, the 200-EMA is neutral.

MACD grew which indicates the sellers’ positions weakening. RSI left the oversold area.

Trading recommendations

If the price returns below 46.50 (the 200-EMA) the instrument will continue its downward trajectory. Alternatively, Brent shall grow towards 47.50.