Brent (a 4-hour chart)
The oil prices were under pressure as the investors’ worries as crude oil and refined products global over-supply resurfaced.
The crude oil Brent remained under pressure. The instrument is in a descending channel, the price traded at its lower limit at 46.50. The resistance is at 47.50, the support comes in at 46.50.
MACD indicator is in the negative area. If the histogram remains in 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 is in the neutral territory.
The price remained under the 50-EMA which acts as a resistance in the 4 hours chart. The moving averages (50, 100 and 200) are moving downwards in the 4 hours chart.
The oil is under pressure. We expect the trades between the levels 47.50 and 46.50.