Brent (a 4-hour chart)
The Brent fell to the April lows on Friday over the concerns regarding the world economy growth slow down.
The Brent retreated from the oversold territory. The current rebound above 42.80 should be considered corrective. The instrument grew by 0.50% during the trades on Friday. The resistance is at 44.00, the support comes in at 42.80 dollars per barrel.
Indicators still generate a sell signal. However, MACD grew which indicates the sellers’ positions weakening. RSI left the oversold area.
The price grew and broke the 50-EMA upwards in the 1 hour chart. After the break the price remained at the 50-EMA. The 50, 100 and 200 Day EMAs are moving downwards.
All eyes are right now at the support level 42.80. Should that level break down and the price will decrease further to 41.40.