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.

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