Brent (a 4-hour chart)
The uncertainty about the global economy pressured the oil futures. The Brent was volatility, the price declined due to an excess of the petroleum products and an economy growth slowdown. However, the disruptions with the oil supplies and expectations that the world oil reserves will be decreased supported the futures.
The Brent has been under pressure since the beginning of the summer. The instrument is at the low limit of the descending channel. The price is at the key support 46.50. The moving averages (50, 100 and 200) are moving downward in the 4 hours chart. The 200-EMA is a key resistance for the pair. The resistance exists at 47.50, the support lies at 46.50.
MACD histogram decreased that indicates the sellers’ strength. RSI is close to the oversold area. If the oscillator remains at the same levels, we expect the downward movement continuation.
The potential growth targets are the resistance levels: 47.50 and 48.50.