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.

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