07, June 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

According to Janet Yellen the price of oil keeps the inflation at low levels. Oil prices began to grow.

Current situation

The Brent still looks bearish. The quotes bounced off 49.60 and tested the mark 50.50. The black gold did not move further and remained at the reached mark. The resistance is at 50.50, the support is at 49.60.

MACD is in a positive area. MACD kept growing. RSI approached the overbought level of 70.

Trading recommendations

If the price fixates above the resistance 50.50, it may continue the upward trend in the short term. The potential target is 51.50