Oil price maintained its bullish near-term tone

22 December, 2016

The news that Libya plans to boost its production weighed on oil prices. Besides, oil prices moved lower on Wednesday before Crude Oil Stocks change release.

Current situation

Oil price maintained its bullish near-term tone on Wednesday. The benchmark extended its consolidative pattern trading comfortably around 55.50 unable to set short-term direction. However, the latest price action points to bears sentiment as buyers' attempt to retake 55.50 failed. The price remained above the moving averages in the 1 hour chart. Brent oil prices tested the 50 EMA ahead of NY opening. The 50 EMA crossed the 100 EMA in the same chart. The 100 and the 200 EMAs pointed higher while the 50 EMA was neutral. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD traded to the upside. The RSI indicator remained within overvalued readings.

Trading recommendations

If the price fixates below 55.50, the benchmark may continue the downward trend in the short term. The potential sellers’ targets are 54.50 and 53.50.


Source link  
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...

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...

  


Share: