11, August 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

Brent lost about 2% during the trades on Wednesday when the U.S. crude oil inventories unexpectedly rose in the latest week.

Current situation

The market sentiment switched to the negative. Traders pushed the oil futures lower and the instrument erased part of its gains by the end of trades. The resistance is at 45.30, the support comes in at 44.00 dollars per barrel.

The indicators slightly changed from yesterday. Indicators generate a sell signal.

The 4 hours chart shows that the price is currently struggling with a bearish 100-EMA. The 100 and 200 EMAs are heading downwards. The 50-EMA is neutral.

Trading recommendations

Brent is now under the risk of falling under the level of 44.00. After breaking the mentioned level the way towards 42.80 will be opened.