Brent remained rather unchanged

February 17, 2017

There seems to be little drive for any real direction now. Brent remained rather unchanged on Thursday staying in a tight range above 55.50 dollars per barrel. The Asian upward impetus lost it legs when European markets opened. Sellers reversed black gold and pushed the benchmark downward sending the market to the opening prices. The 4 hours chart showed that the benchmark broke its moving averages. The 50, 100 and the 200-EMAs were flat 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 consolidated within the neutral area and moved north.

Trading recommendations

We prefer to stay bearish for now. A move below 55.50 would indicate that immediate upward pressure eased. The next mark to focus on is 50.00 dollars per barrel.

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