Brent prices tried

September 16, 2016

Brent prices tried to recover on Thursday; however, concerns over a global supply glut kept weighing on the price.

Current situation

In the medium term, the outlook is bearish. Oil prices failed to regain the 46.50 level. After a brief consolidation in the European session the price faced further downside pressure at the start of the North American session. The Brent is well below its moving averages, with the 50, 100 and 200 EMAs providing a strong resistance in the 47.50 region. The moving averages showed mixed dynamics. The 50 and 100 EMAs are heading south, the 200-EMA is pointing higher. The resistance is at 46.50, the support comes in at 45.30 dollars per barrel.

MACD is within the negative area. RSI is consolidating within the oversold territory.

Trading recommendations

If the resistance at 46.50 will break, the price may grow that should send this market looking for the 47.50 level. To trigger additional downward movement the instrument needs to get below 45.30.

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