Brent (a 4-hour chart)
Oil prices remained under pressure amid Donald Trump's surprise victory and increase in U.S. crude inventories last week. Brent futures slightly recovered amid risk appetite growth. Investors were cautious ahead of a key OPEC meeting on November 30.
Brent futures traded flat staying around recent high at 46.50 on Thursday. Oil prices failed to extend their rebound as sellers seemed to be guarding the level 46.50. Brent got under selling pressure on any up-move upside. Brent oil prices moved lower in early
MACD remained at the same level which confirms the strength of sellers. RSI moved towards the undervalued levels.
The nearest sellers' target remains the support level 45.50. A break below this mark risks a decline towards the support at 44.50.