Brent prices got under pressure following the IEA forecasts

September 14, 2016

Brent prices got under pressure following the IEA forecasts over a sharp slowdown in global oil demand growth.

Current situation

Brent seems to have found a solid support at 47.50 which slowed down its decrease. The price slightly rolled back and stopped a few pips above the level in the European session. The quotes returned to a decrease in the North American session. The price bounced downwards from the bearish 50-EMA in the 4 hours chart. The crude oil futures are heading towards the 200-EMA now. The 50-EMA is bearish, the 200-EMA is bullish and the 100-EMA is neutral. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

MACD entered the negative area. MACD decreased which confirms the strength of sellers. RSI is approaching oversold area.

Trading recommendations

A weak API report will weigh on Brent. In this scenario, the price will decrease towards 46.50. Otherwise, we will see a move above 48.50.

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