The crude oil futures are under pressure

September 2, 2016

Brent kept falling after a rise in U.S. crude inventories. Moreover, traders focused their attention on a world supply glut which keeps weighing on the oil prices.

Current situation

The crude oil futures are under pressure. Sellers pushed the price from the session high at 47.23 below the support at 46.50. The resistance is at 46.50, the support comes in at 45.30 dollars per barrel.

The price broke the 200-EMA in the 4 hours chart. The 50-EMA is moving down, the 100 and 200 EMAs are turning downwards      .

MACD and RSI are negative which is a sell signal. 

Trading recommendations

We believe that Brent can advance further below 46.50. However, the instrument is oversold and it may pull back a little. The price will continue a downtrend if it consolidates below 46.50. Alternatively, buyers can push the price towards the 47.00 region.

Publication source
Fort Financial Services information  Fort Financial Services reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

FxPro Rating
OctaFX Rating
OANDA Rating
Larson&Holz IT Ltd Rating
Cms Trader Rating
XM Rating

Banc De Binary Rating
Migesco Rating
Anyoption Rating
TropicalTrade Rating
99Binary Rating
UKoptions Rating