15, August 2016

Brent (a 4-hour chart)

Brent (a 4-hour chart)

General overview

Oil prices spiked due to the dollar weakening which holds the quotes near the day peaks.

Current situation

The Brent holds a bullish tone. The price left the descending channel and formed an upward now. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

The indicators MACD and RSI recommend long positions.

The price broke the long-term 200-EMA upwards and moved away from the line. The 50-EMA is breaking the 100-EMA upwards.

Trading recommendations

If the Brent remains above 200-EMA which stands around the 46.50 region the growth will be continued. The level 47.50 is the next buyers’ target.