12, October 2016

Brent (a 4-hour chart)

General overview

Brent futures softened on Tuesday hit by OPEC deal concerns.

Current situation

The price gave up its recent gains and declined on Tuesday. Oil prices got under selling pressure and moved lower towards 52.50 where the downward pressure weakened. Brent remained above the moving averages in the 4 hours chart. The 50-EMA accelerated its growth, the 100 and 200 EMAs are moderately bullish. The 100-EMA crossed the 200-EMA upwards. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

MACD remained in the positive area. RSI consolidated within the overbought area.

Trading recommendations

A move below 52.50 will send Bren prices towards 51.50. A move higher will open the way towards 54.50.