Brent (a 4-hour chart)
Oil prices got under pressure as Iran exports grows. Moreover Friday's Baker Hughes report showed a further rise in the number of rigs drilling oil in the
The bullish market structure remained in place on Monday. Brent oil is still in an upward channel staying around its lower boundary. However, sellers made an attempt to leave the channel on Monday. Bears led the price to 56.50 dollars per barrel and were struggling with the level the first part of the day. The price broke lower ahead of the NY session opening. The benchmark broke the level and moved towards 55.50. According to the 4 hours chart the price broke the 50-EMA downwards. The benchmark continued developing well above the 100 and the 200-EMAs afterwards. The 50 and the 100-EMAs pointed higher while the 100-EMA was flat in the same chart. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.
MACD moved to the downside. The RSI indicator left neutral area and moved downwards.
We await a break below 55.50 to trigger another leg lower. In this scenario, sellers may lead prices towards 54.50 and 53.50 dollars per barrel.