Brent oil prices gapped higher at the daily open

15 February, 2017

Brent oil prices gapped higher at the daily open

Brent oil prices gapped higher at the daily open. Sellers closed the gap in the night and returned the price to 55.50 where a fresh buying interested pushed the benchmark upwards. The price spiked and reached 56.20 in the early European trades. Buyers failed to advance further and retreated a bit afterwards. The 4 hours chart showed that the oil price broke its moving averages upwards and stayed above them. The 50, 100 and the 200-EMAs were neutral in the same 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 negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI stayed within the neutral area.

Trading recommendations

We prefer to stay bearish for now. If the 55.50 support breaks, the price may fall further that should send this market looking for the 55.00 level.


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