Oil prices ignored bigger-than expected drop

9 December, 2016

Oil prices ignored bigger-than expected drop in the US stockpiles. Prices remained stable, however, traders doubt that the recent OPEC deal will be enough to balance the market.

Current situation

After an Asian consolidation oil prices moved higher on Thursday. The price slightly grew and reversed the minor part of its losses. The benchmark approached 53.50 post-Europe open. The price stayed below the 50 and 100 EMAs in the 1 hour chart. The 200 EMA headed higher, the 100-EMA was neutral while the 50 maintained its bearish slope in the same chart. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI was neutral.

Trading recommendations

A close above 53.50 may generate fresh bullish signal for further advance, which could extend to multi-month peaks at 55.50. If the benchmark stays below the level it may extend its bearish pressure towards 51.50.


Source link  
Asian equity indexes higher

Asian equity indexes were mostly higher on Tuesday following a solid lead from Wall Street as lawmakers were able to revert the government shutdown...

Pressure on dollar is increasing

USD dollar opens a new week under pressure, being at record low levels. The dollar index is currently traded at 90.25 points, the level last seen on the...

Tax reforms remains in focus

Asian equity indexes displayed a mixed dynamic on Wednesday as attention was entirely directed to an ongoing debate in the US over...


CBs refrained from changes

ECB economists now expect that the euro area economy will grow by 2.3% in 2018, well above the expected growth of 1.8% growth forecasted back...

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...

  


Share: