08, June 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

The oil quotes set eight months high on Tuesday due to the fact that the dollar traded near monthly lows. The news that Nigeria lowered its oil production due to a string of attacks on its infrastructure also supported the oil.

Current situation

The oil quotes continued their growth. The price could move from 50.25 to 51.30 and set a new high. The oil trend looks bullish. The resistance comes in at 51.50, the support lies at 50.50.

MACD is in a positive area, its signal line is in the histogram. MACD kept growing. RSI reached the overbought level of 70.

Trading recommendations

We assume that the upward trend will be continued. The resistance of 51.50 is our target.