08, August 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

The Brent feels confident following the USA positive inventories report.

Current situation

The tone is positive in the market. The price left the downward channel and is heading upwards. The buyers led the price from 43.46 to 44.46. The resistance is at 45.30, the support comes in at 44.00 dollars per barrel.

The indicators slightly changed from Friday, they still generate a buy signal.

The instrument broke the bearish 50-EMA and is heading to the 100-EMA in the 4 hours chart. The 50-EMA is turning upwards, the 100 and 200 EMAs keep heading lower.

Trading recommendations

The instrument has been strengthening for several days. All eyes are right now at the resistance level 45.30. If Brent futures fixate over it the prices may resume its growth.