Brent (a 4-hour chart)
Brent eased on the news that Iran reached the pre-sanction oil production. Next in focus would be API report in the late North American session on Tuesday.
Oil prices traded close to the monthly highs on Tuesday. Brent remained in an ascending channel. Oil futures grew and refreshed weekly high at 51.25 during the course of the day. The 50-EMA accelerated its growth and crossed the 100 and 200 EMAs upwards in the 4 hours chart. The moving averages are pointing higher. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.
The histogram grew which is a buy signal. RSI approached the overvalued territory.
If buyers fail to hold over 50.50 oil prices will decline to 49.50. A break above 51.50 would open the way to 52.50.