Brent grew and reached the 3-week high

August 16, 2016

The Brent grew and reached the 3-week high on the expectations of the OPEC meeting next month.

Current situation

Brent strengthened, the price traded in an upper channel and approached its upper limit by the end of the trades. The resistance is at 48.50, the support comes in at 47.50 dollars per barrel.

MACD is in the positive area. If MACD remains positive buyers’ positions will strengthen. RSI entered the overbought area.

Brent futures moved away from the 200-EMA in the 4 hours chart. The 50-EMA crossed the 100-EMA in the mentioned time frame.

Trading recommendations

All eyes are right now at the resistance level 48.50. If Brent breaks the level it will keep growing towards 49.50. The instrument may pull back below 47.50 which is a good chance to buy on a dip.

Publication source
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