06, June 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

The Brent recovered after the OPEC meeting results. The OPEC could not set the limit in the oil production. Still the Brent returned to a decrease.

Current situation

The Brent tried to recover and grew to 50.50. However, the quotes did not test this level, the price bounced off to 49.60. The resistance is at 50.50, the support is at 49.60.

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

Trading recommendations

The potential decrease target is the support level of 48.60. We do not exclude the growth to 50.50.