Brent (a 4-hour chart)
The Brent is under pressure due to concerns that the market is oversupplied with oil.
The Brent was stronger on Thursday, trading near the local high against the dollar. The price recovered after a sharp decrease the other day, the Brent gained about 1.90% during the course of the trades. The resistance is at 47.50, the support comes in at 46.50.
MACD histogram is in the negative area which indicates the sellers’ strength. If MACD continues its decrease, bears’ positions will strengthen. RSI is close to the overbought area which confirms a downtrend.
The price rebounded from the 50-EMA downwards. The moving averages (50, 100 and 200) are turning downwards in 4 the hours chart.
The resistance level of 47.50 retest is more likely to lead to the strong price support level 46.50 return.