Brent reversed some of its early losses

August 4, 2016

The Brent reversed some of its early losses awaiting the Crude Oil Stocks change release. The Crude Oil Stocks change grew which is a negative factor for the Brent futures.

Current situation

The trend is bearish for now. The trading instrument recovered and closed the day bullish. The resistance is at 44.00, the support comes in at 42.80 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. RSI left the oversold area and is heading towards the overbought area.

The price broke the 50-EMA and 100-EMA in the 1 hour chart. All moving averages keep heading lower.

Trading recommendations

The upward movement potential targets are 44.00 and 45.30. If the price falls it will get to 41.40.

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