Brent reversed some of its early losses

4 August, 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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Pound reached its monthly high

The pound remained in an upward channel on Tuesday. The price pulled back from its upper limit...

Brent maintained its ask tone

Sellers continued driving the benchmark lower after a brief pause at 50.80 dollars per barrel...

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The bullish market structure remained in place on Thursday...


Gold prices traded in green

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Oil prices recovered back

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Gold reached three-month highs

Spot gold remained on strong bullish footing on Friday. After an Asian flat the price got an upward impetus in the European morning...

The euro is under pressure amid growing concerns

The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows...

  


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