Brent oil prices gapped higher

4 April, 2017

A strong energy demand in the Asian region supported oil prices despite a rebound in Libyan oil production which still weigh. Besides, markets are positive that OPEC will extend its production-cut deal in the near term.

Current situation

Brent oil prices gapped higher at the open on Monday. The price jumped to 53.50 at night and stopped there. The benchmark spent the first part of the day around the level. According to 4 hours timeframe the price tested the 200-EMA. The 50-EMA kept pointed higher, the 100-EMA was neutral while the 200-EMA maintained its bearish slope in the same chart. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. RSI moved north which confirms the current upward momentum.

Trading recommendations

The immediate risk is still clearly on the upside but we prefer to wait for a daily closing above 53.50 before turning bullish.  

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