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.

Publication source
Fort Financial Services information  Fort Financial Services reviews

January 17, 2017
ECB policy was focused on avoiding deflation trap
Asian stock markets were mixed, with Japan and ASX heading south amid reports that U.K. Prime Minister May will announce plans for a hard Brexit at today’s keynote speech. Yen strength is also continuing to put pressure on the Japanese markets...
January 17, 2017
Trump's inauguration and May's speech to shape up the markets this week
Markets started the week with no sharp changes and lower trading volumes, due to the Martin Luther King Day in the US, ahead of the crucial monetary policy decisions of the ECB and BoC...
January 17, 2017
Yen strengthens as markets jittery ahead of May's press conference
The U.S. dollar was trading weak yesterday in a holiday thin trading session. The Japanese yen strengthened strongly in the early hours today as investors turn cautious ahead of the British PM...

Grand Capital Rating
Vantage FX Rating
XM Rating
FIBO Group Rating
Larson&Holz IT Ltd Rating

Grand Option Rating
EZTrader Rating
Porter Finance Rating
Empire Option Rating
TropicalTrade Rating
TopOption Rating