Oil prices strengthened after Crude inventories fell

January 9, 2017

Oil prices strengthened after Crude inventories fell on Thursday. The market will be focused on oil rig count data report in the coming sessions.

Current situation

The market remains in bulls' hands. Brent strengthened further reaching fresh multi-month highs ion Friday. Buyers extended their upward trajectory towards 57.50 in the Asian session. Market participants failed to move the benchmark higher. The level rejected the price which slightly rolled back post-European opening. The 4 hours chart showed that the price was above all of its moving averages. The moving averages kept pointing higher in the mentioned timeframe. The resistance lies at 57.50, the support comes in at 56.50 dollars per barrel.

MACD indicator was at the centerline. If the histogram returns the positive territory, that will indicate buyers’ growing strength. If MACD enters into the negative area the sellers will take control over the market. The RSI indicator left neutral area and moved to upside.

Trading recommendations

The bullish scenario prevailed on Friday. Once we break above 57.50, we think that the 58.50 level will be next.

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