Brent remained well offered

9 March, 2017

A growth of the US crude inventories renewed oversupply concerns sending oil prices to the red zone.

Current situation

Brent remained well offered on Wednesday. Oil prices have been under intense selling pressure since Tuesday. The price was quite yesterday after the recent sell-off. Sellers pushed black gold to 55.50 dollars per barrel and held the benchmark within the level the whole night and the morning. The price broke all the moving averages downwards and continued developing well below them in the 4 hours timeframe. The 50-EMA crossed the 100-EMA downwards and tested the 200-EMA in the same chart. The 100-EMA and the 200-EMA kept pointed higher while the 50-EMA maintained its bearish slope. 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

Failure to hold above the 55.50 mark risks a slide to the level of 55.00 dollars per barrel.


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