Oil prices continued its decline

3 March, 2017

Oil prices continued its decline

Oil prices continued its decline following the crude oil inventories increase and output growth in the United States. The oil gets a minor support from the OPEC's production cut deal.

Current situation

Brent maintained its gloomy tone on Thursday. After an Asian flat sellers accelerated their decline in the European morning. Bears led the price from 56.50 towards 56.00 first. After reaching the first target sellers moved the price lower towards 55.50 dollars per barrel. The price broke 50-EMA downwards and tested the 100-EMA in the 4 hours chart. The moving averages pointed higher in the same timeframe. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD indicator was 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

We expect to see renewed bearish pressure in the coming sessions. A breakout of 55.50 would aim for 55.00 dollars per barrel.


Source link  
Low activity in asian markets

Asian stock indexes traded mostly in green territory following solid gains on Wall Street in the prior session, but many markets remained close in...

Asian stock markets mostly higher

Asian stock markets started broadly higher this week, with commodity prices pushing some key names in the region to the upside as the dollar corrected downwards...

Market selloff: a mistake, really?

Wall Street top three indexes went down on Monday following last week’s employment report by the US Labor Department. Data showed the economy added...


Asian equity indexes higher

Asian equity indexes were mostly higher on Tuesday following a solid lead from Wall Street as lawmakers were able to revert the government shutdown...

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...

  


Share: