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
Fort Financial Services information  Fort Financial Services reviews

October 21, 2016
US Presidential Election: Final Debate Aftermath
With the dust having settled after Wednesday final US presidential debate of the 2016 campaign between Donald Trump and Hillary Clinton, the results have become rather apparent...
October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...
October 19, 2016
A bullish presence on the market
The Dollar upturn seen in the recent weeks that was influenced by the firm belief in a rate hike of December fizzles out, after Yellen’s speech and the downbeat US inflation and manufacturing data...

Orbex Rating
FIBO Group Rating
HYCM Rating
FxPro Rating
XM Rating
FXCM Rating

OptionBit Rating
Beeoptions Rating
Banc De Binary Rating
Binary Brokerz Rating
Porter Finance Rating
IQ Option Rating