Brent (a 4-hour chart)
Oil prices faced selling pressure on yesterday’s trades as investors escaped risky-assets.
Brent oil futures extended their losses in the Asian session on Wednesday. Sellers pushed prices lower, refreshing monthly lows at 44.50. The price was unable to move lower and retreated almost immediately, reversing some of its losses. Buyers led oil quotes to 46.50 where the upward momentum faded and the price slightly rolled back. The moving averages slightly changed since Tuesday. The 50 and 100 EMAs keep moving downwards while the 200-EMA is neutral in the 4 hours chart. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.
MACD grew which indicates the sellers’ positions weakening. RSI bounced from the oversold area.
Should oil prices remain below 46.50 the 45.50 support level will come back into play. Conversely, any move above the immediate resistance would increase chances of testing the 47.50 mark.