10, June 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

The Brent futures fell after updating the year highs on Thursday morning. The moderate recovery of the US dollar and investors’ desire to take profits became the main drivers for the Brent correction.

Current situation

The oil quotes continued their growth. The price set a new high at 52.50. The oil trend looks bullish. The resistance comes in at 52.50, the support lies at 51.50.

MACD is in a positive area, its signal line left the histogram. MACD decreased yesterday. If MACD decreases it will give a sell signal. RSI is still close to the overbought level of 70. The Brent quotes are above Moving Averages (50, 100 and 200). The price is close to the historical highs at the daily chart – the mark of 54.00.

Trading recommendations

The Brent may continue its correction and fell to the mark of 50.50 where the Moving Average (50) is located.