Oil prices remained steady

30 December, 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.


Source link  
Gold prices bounced off

The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers....

Golld turned around and reversed

The bullish trend remained intact on Tuesday. The price bounced from the upper limit...

Gold prices remained in a consolidation phase

Sellers led the spot to 1250 the other day but failed to break below the level. The price remained sandwiched between 1250 - 1255...


DAX grew amid a fresh buying interest

European stocks opened in green when markets recovered from Trump’s failure in Congress. Investors focused on Brexit...

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...


Gold prices remained in green

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

Gold prices traded in green

The gold recovery stalled around 1235 dollars per ounce on Monday. Buyers did not find any reason to move the price further. The precious metal was slowly declining...

Brent found a solid support after two day decline

Oil prices slightly rose on Friday morning due to the dollar's retreatment. However, Brent further growth was limited on the news that Russian oil production for February did change comparing to January...

  


Share: