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.


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