Brent traded near the 3-month lows

August 2, 2016

The Brent traded near the 3-month lows as oil production increase in the USA weighed on the oil futures.

Current situation

The trend is objectively bearish. The Brent remained in red figures and continued to grind lower. The session low is marked at 41.85. The resistance is at 42.80, the support comes in at 41.40 dollars per barrel.

Indicators still generate a sell signal. MACD decreased which indicates the sellers’ positions strengthening. RSI returned to the oversold area.

In the 4 hours chart the price decreased and moved away from the 50, 100 and 200 Day EMAs. The 50, 100 and 200 Day EMAs are moving downwards.

Trading recommendations

The approach to the level of 42.80 may lead to a price rebound down. The potential rebound targets are the support levels of 41.40, 40.00.

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