13, July 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

The Brent was steadily growing during the course of day. The decrease of the dollar together with the problems with the oil supplies from Africa and Middle East supported the futures.

Current situation

The Brent quotations sharply grew by 4,93% and broke through the levels 46.50 and 47.50. The price tested the resistance level of 48.50 by the end of the trades. The resistance is at 48.50, the support is at 47.50.

MACD histogram is in the negative area. MACD grows that indicates the buyers’ strength. RSI is close to the overbought area that confirms buyers’ strength in the market.

According to the 4 hours chart the price tested the 50-EMA, but failed to grow further. The Brent futures broke the 50 and 100 EMAs and tested the 200-EMA in the 1 hours chart. The 50 and 100 EMAs are turning upwards, the 200-EMA acts as a resistance.

Trading recommendations

After the level of 48.50 breakthrough upward the growth potential target is 49.50. If the price falls it will get to 47.50.