Brent (a 4-hour chart)
Oil prices remained positive on Tuesday as some analysts believe that the market is not so oversupplied as it was suggested earlier.
Brent gapped higher at the open on Tuesday. Prices jumped from 51.67 to 51.70 dollars per barrel. Brent crude oil continued with its recovery later the day. The price reached the mark 52.00 which appeared to be a pivot point. The price turned around and headed lower towards 51.50. However, the downward pressure quickly faded and the price stopped a few pips above 51.50. The 50-EMA became a barrier on its way upwards in the 4 hours chart. The line rejected the price, sending it downwards. The 50-EMA is neutral, the 100 and 200 EMAs are pointing higher. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.
MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI moved upwards.
Bears are attempting to control the market. If they succeed the price will break 51.50. After breaking the level bears will move towards 50.50.