Oil prices continued its decline

3 March, 2017

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.


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