Oil prices remained steady

December 30, 2016

Oil prices remained steady on Wednesday awaiting for fresh weekly information on U.S. stockpiles of crude and refined products.

Current situation

Brent oil prices reversed all the overnight sell-off on Thursday. After a sharp drop to 55.90 the price returned to 56.50 dollars per barrel post-Europe open. The current hurdle stopped the benchmark which flirted with the level ahead of the NY session. Brent remained above the 50, 100 and 200 EMAs in the 1 hour chart. The 50-EMA crossed the 100 and the 200-EMAs upwards. The moving averages kept pointing higher in the same chart. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD traded to the upside. The RSI indicator remained within overvalued readings.

Trading recommendations

We would be buying Brent oil only if the price breaks above 56.50. We cannot rule out the chance that the benchmark would try to correct towards 54.50 dollars per barrel.

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