The Brent failed to recover

July 29, 2016

The Brent failed to recover and resumed its decrease amid growing fears regarding the oversupply growth.

Current situation

The tone is still negative in the market, the Brent futures faced further downside pressure. The price decreased and lost about 1.53% during the course of the day. The resistance is at 44.00, the support comes in at 42.80 dollars per barrel.

Indicators generate a sell signal. MACD decreased which indicates the sellers’ positions strengthening. RSI is in the oversold area which is a sell signal.

The price was moving from the 50, 100 and 200 EMAs the 4 hours chart. The moving averages (50, 100 and 200) are trending downwards.

Trading recommendations

Sellers still control the market. We expect the price to fall further towards 41.40.

Publication source
Fort Financial Services information  Fort Financial Services reviews

January 20, 2017
Advance in inflation across the Eurozone
Euro holds gains against the US Dollar ahead of the ECB rate decision, as majority of economists expect no major updates in the policy, while investors will be taking stock of Draghi rhetoric’s to foresee the timeframe of the next big move by the policymakers...
January 20, 2017
US oil inventory draw gave a temporally support for oil prices
Oil prices remained in red figures after Wednesday's bearish acceleration. Brent a little changed on the day and remained prone to more weakness on Thursday. The benchmark stayed neutral around 54.50 dollars per barrel flirting with the level during the European session...
January 20, 2017
Pound gives up gains
The British pound has pulled back sharply today after making its biggest 1day gain in nearly 20 years’ yesterday, as fears once again crept in about where Brexit will lead to...

Vantage FX Rating
FXCM Rating
Tickmill Rating
FxPro Rating
 FXTM Rating
XTB Rating

UKoptions Rating
OptionRally Rating
Beeoptions Rating
OptionTrade Rating
TropicalTrade Rating
24option Rating