The short-term picture remains unchanged yesterday. Bears controlled the market and a sign of buyers are still nowhere to be found. Brent fall below its previous lows and moved to fresh ones. Sellers managed to capture the 57.50 handle and dragged the rate to the 55.50 region. The indicators remained within positive territory. The price is below the moving averages which are all pointing lower. MACD remained at the same level which confirms the strength of sellers. Stochastic consolidated within the oversold readings. The resistance resides at 57.50, the support comes in at 55.50.
We believe that black gold will preserve its negative undertone. Brent has room to extend its decline down to 55.00 now.