09, September 2016

Brent (a 4-hour chart)

General overview

Brent prices grew on the back of the strong Imports in China and API crude oil stocks report in the USA.

Current situation

Brent prices stayed in green figures on Thursday. The instrument traded near the recent high at 48.88 during the European session. The price decreased at the start of the American session. The price touched the 100-EMA in the 4 hours chart. The 100-EMA stopped the price which rebounded from it. The 100 and 200 EMAs are neutral, the 50-EMA is heading south. The resistance is at 48.50, the support comes in at 47.50 dollars per barrel.

MACD is in the positive area. RSI is moving from the overbought territory.

Trading recommendations

The price may slightly roll back below 48.50. However, the overall tone is bullish. The next buyers’ target is the level 49.50 dollars per barrel.