Brent kept the upbeat tone unchanged

10 February, 2017

Brent kept the upbeat tone unchanged on Thursday. Fresh bids around 55.50 fueled the upward bias pushing the benchmark higher. Traders broke 55.50 post-European open. The advance lost upward momentum around 56.00. After posting a daily high black gold rolled back. The benchmark failed to retake the 50-EMA and bounced off it downwards in the 4 hours chart. The moving averages were flat in the same chart. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. The RSI left the oversold area and moved upwards.

Trading recommendations

Bulls continue to control the market. We recommend placing buy orders if the benchmark stays above 55.50 dollars per barrel. The potential buyers’ target is 56.50. A failure here will indicate that our bullish expectation is wrong.


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