Bears seem to have the ball now

August 10, 2016

The Brent got under pressure yesterday due to the returned concerns over the oversupply. Besides, the price retreated when traders began closing their long positions.

Current situation

Bears seem to have the ball now. The price found a strong resistance at 45.30 which was not able to break. All buyers’ attempts to break the level were rejected and Brent returned below the level by the end of the trading day. The resistance is at 45.30, the support comes in at 44.00 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI bounced from the overbought area.

Brent holds above the 100-EMA which acts as a support for the instrument in the 4 hours chart. The 100 and 200 EMAs are heading downwards. The 50-EMA is neutral.

Trading recommendations

If the pressure persists the price will drop to 44.00. Otherwise, Brent will grow towards 46.50 where the 200-EMA lies.

Publication source
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