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.

Publication source
Fort Financial Services information  Fort Financial Services reviews

February 24, 2017
Gold surges to major $1250 resistance as uncertainty prevails
Gold surged Thursday on a breakout of its previous consolidation to hit and slightly exceed major technical resistance at $1250, a level not seen since early November...
February 24, 2017
Dollar falls as peso and gold rally
The U.S. dollar was the weakest currency yesterday as surprisingly, the Mexican peso rallied, rising 1.22% over the day against the greenback...
February 23, 2017
U.S. dollar muted to Fed minutes
The U.S. dollar index was flat yesterday after the Federal Reserve published the meeting minutes from the January 31 -February 1 monetary policy meeting...

Vantage FX Rating
FOREX.com Rating
FX Giants Rating
Cms Trader Rating
NPBFX Rating
FIBO Group Rating

Binary.com Rating
UKoptions Rating
GTOptions Rating
Porter Finance Rating
TropicalTrade Rating
99Binary Rating