Oil prices remained under pressure

January 5, 2017

Oil prices remained under pressure on Wednesday waiting for weekly U.S. stockpiles data.

Current situation

Brent managed to reverse a small portion of its recent losses in the Asian session on Wednesday. Bulls, however, met a barrier at 56.13 region which rejected prices downwards in the European session. The benchmark was trying hard to retake the level 55.50 dollars per barrel during the European hours and continued with it in the NY session. The price broke the 50-EMA and tested the 100 EMA in the European session. All moving averages kept pointing higher in the 4 hours chart. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

 MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI indicator was within oversold readings.

Trading recommendations

After a close above the resistance at 56.50 the price may extend its growth to 57.50. A sharp breakout below 55.50 could spark a further decline towards 54.50, en rout to 53.50 dollars per barrel.

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