Brent futures consolidated their gains

September 30, 2016

Brent rose in the European session after a surprised OPEC decision to cut oil output. Moreover, a draw in U.S. crude stocks gave an additional support for oil prices.

Current situation

Brent futures consolidated their gains after a sharp rally the day before. The price traded around 48.50 dollars per barrel moving back and forth around the level. Oil prices broke the 50, 100 and 200 EMAs in the 4 hours chart. The 100-EMA is neutral, while the 50 and 200 EMAs are turning upwards. The 200-EMA acts as a support for the price. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

MACD grew which confirms the strength of buyers. RSI is consolidating within the overbought area.

Trading recommendations

Brent may extend its growth towards 49.50 dollars per barrel

Publication source
Fort Financial Services information  Fort Financial Services reviews

February 23, 2017
FOMC meeting minutes signal rate hike fairly soon – dollar unimpressed
The minutes from the most recent FOMC meeting three weeks ago – the first such meeting since Donald Trump’s presidential inauguration – were released on Wednesday afternoon...
February 23, 2017
Political instability hits the Euro
The Euro plummeted to a 6-week low in today’s trading session before slightly recovering as predictions of political instability swept through the European Union on the back of upcoming elections due out in the upcoming months...
February 23, 2017
Gold prices remained under pressure
The precious metal traded mostly sideways on Wednesday. Tuesday’s recovery helped gold to reverse all its early losses. Buyers returned the spot to the 1240 hurdle where the pair XAU/USD stood still the first part of the day...

Grand Capital Rating
XM Rating
Exness Rating
FXCM Rating
Orbex Rating
 FXTM Rating

365BinaryOption Rating
TropicalTrade Rating
Anyoption Rating
99Binary Rating
EZTrader Rating
OptionTrade Rating