24, November 2016

Brent (a 4-hour chart)

General overview

Oil prices hold still amid uncertainty about OPEC final decision about its production cut.

Current situation

Oil prices remained within narrow range on Thursday. The price stayed between 49.00 and 49.50 during the day. Brent was around the 200-EMA in the 4 hours chart which presented a solid resistance for the price. The 200-EMA moved downwards while the 100 and 50 EMAs turned upwards in the mentioned timeframe. The 50-EMA crossed the 100-EMA upwards. The resistance lies at 49.50, the support comes in at 48.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI consolidated within positive territory.

Trading recommendations

A sharp breakout above 49.50 could spark a further growth towards 50.50 in the coming days. On the other hand a move below 48.50 will neutralize our near term positive outlook.