The Brent is under pressure

July 25, 2016

General overview

The Brent is under pressure as investors are concerned over the existing oil oversupply in the world markets.

Current situation

Technically, the tone is still negative in the market. The Brent futures continued to grind lower and touched 45.30. The resistance is at 46.50, the support comes in at 45.30.

MACD indicator is in the negative area. MACD decreased which indicates the sellers’ positions strengthening. RSI approached the undervalued area which is a sell signal.

The moving averages (50, 100 and 200) are moving downwards in the 4 hours chart.

Trading recommendations

The tone is still negative in the market. To trigger additional downward momentum towards 44.00 the price needs to break the current support. A break above 46.50 would open the way to 47.50.

Publication source
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