Oil prices ignored reports of rising Chinese oil demand

27 December, 2016

Oil prices ignored reports of rising Chinese oil demand and weakened amid a thin market on Friday. Investors kept cutting positions before week-end.

Current situation

Brent returned in the red zone on Friday. An attempt to recover faced a rejection around 55.22 dollars per barrel. The benchmark declined in the early trades and tested to 54.50 in the European session. The price broke the 50-EMA and tested the 100-EMA in the 4 hours chart. The 50-EMA was neutral while the 100 and the 200-EMAs maintained their bullish slope. The resistance lies at 54.50, the support comes in at 53.50 dollars per barrel.

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

Trading recommendations

We expect a downward correction which will start as soon as Brent drops below the support level 54.50. 


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