Brent (a 4-hour chart)
Brent fell due to profit taking amid concerns that the OPEC’s agreement will not weaken a global supply glut. The US rigs number increased which also pressured oil quotes on both sides of the Atlantic.
Brent stalled two-day rally and fell back into negative territory. The price made an attempt to extend its recovery in the European session on Friday. However, it turned around and reversed its latest gains in the North American session. Crude oil prices remained above the moving averages in the 4 hours chart. The 100 and 200 EMAs kept heading higher, the bearish 50-EMA is turning upwards. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.
The MACD histogram grew which is a buy signal. RSI is approaching the overbought area.
The tone is still positive in the market. However, Brent is overbought and could conduct a rebound towards 48.50.