Oils prices traded onto fresh lows

15 November, 2016

Oils prices traded onto fresh lows on Monday amid renewed glut concerns and growing number of the US drilling rigs. Moreover, investors doubt that the OPEC members will come to an agreement with the output freeze.

Current situation

Oil prices remained around their lowest mark in three months. Black gold resumed its decline after brief consolidation above 44.50 on Monday. Sellers broke the level 44.50 dollars per barrel mid-Europe and extended two straight sessions of losses towards the mark 44.00. Sellers were unable to move oil futures lower and spent the rest of the day around the fresh lows. Brent oil prices remained below the moving averages in the 4 hours chart. The resistance is at 44.50, the support comes in at 43.50 dollars per barrel.

MACD is in the negative territory. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI oscillator is consolidating within negative area.

Trading recommendations

The price eyes strong support at 43.50 loss of which would trigger further weakness towards 42.50 dollars per barrel.


Source link  
Asian stock indexes drop

Equity indexes in Asia were mainly lower in late hours on Wednesday, as investors’ sentiment was affected by a weak close on Wall Street...

Market sentiment is improving

On Tuesday, global markets were able to change the mood and moved to gain, with some of the European markets recovering all Monday's losses...

Global markets consolidate

At the beginning of the week, the global market sentiment remains restrained, as stock markets are under pressure despite the start of the...


OPEC's output cuts extension

The oil market will be in focus in the next few days as the Organization of the Petroleum Exporting Countries and a group of independent producers...

Black friday: how do they affect markets?

While for some people Thanksgiving may still be a day to thank ‘god’ for the blessing of the harvest (office jobs also apply?), nowadays is a holiday...

Asian markets are mainly quiet

Asian markets were mainly quiet on Thursday, following a calm session on Wall Street as market participants digested FOMC minutes and looked...


Euro extended its bullish momentum

The line rejected the pair which eased towards 1.1650 afterwards. If the price breaks below 1.1650 sellers may push the euro to 1.1600...

Gold trades mixed in a narrow range

However, the level 1280 is on its way and won’t let the spot further. A rebound from 1270 pointed to strong buyers who will not give up their attempt...

Euro met an obstacle around 1.1700

The spot recovered to 1.1750 where the euro spent the first part of the night. An increased selling pressure weighed on the major in the mid-Asian session...

  


Share: