Oil has risen sharply on Monday after the Friday collapse in prices was recorded. The focus of investors informal meeting of major oil producers countries, scheduled for this month.
Current situation
Buyers try to overcome the level of 46.50, but to no avail. Price tested the resistance and retreated from daily highs. Tool sat down to a downward trend during the American session. EMA 50 is directed upward, EMA-100, which is directed downwards-EMA 200 intersects the downstream direction. Resistance is located at 46.50 and support - to 45.30 dollars per barrel.
MACD rose, indicating a weakening of the position of sellers. RSI approaches oversold territory.
Oil forecast
In the case of falling below the level of 45.30, we can talk about the resumption of the downtrend. In this case, the sellers will be able to send the price in the area of 44.30. To continue the uptrend the price should exceed the level of 46.50.
Based on materials from Fort Financial Services
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