07, October 2016

Brent (a 4-hour chart)

General overview

Oil prices got additional support following Algeria's Energy Minister statements that OPEC could cut production more if needed.

Current situation

The bullish trend remained intact on Thursday. Brent futures accelerated their gains and moved higher to the level 51.50. Oil prices left the 50, 100 and 200 EMAs behind in the 4 hours chart. After breaking the 100 and 200 EMAs the 50-EMA accelerated its growth, the 100 and 200 EMA moderately kept growing. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

MACD remained at the same level which confirms the strength of buyers. RSI remained within the overbought area.

Trading recommendations

Brent prices will strengthen further towards 53.50 if the upward momentum persists.