Brent (a 4-hour chart)
Brent reversed its losses after last week sharp decrease, as investors are waiting for an informal major producers’ meeting later this month in Algeria.
Buyers made an attempt to regain 46.50, but failed. The price snapped the level and retreated from the daily high. The price faced a downward pressure at the start of the North American session. The 50-EMA is pointing lower, the bearish 100-EMA is crossing the bullish 200-EMA downwards. The resistance is at 46.50, the support comes in at 45.30 dollars per barrel.
MACD grew which indicates the sellers’ positions weakening. RSI is approaching oversold area
A move below the support 45.30 would suggest a resumption of the downtrend. In this potential scenario, sellers will move the price towards 44.30. To trigger an additional upwards movement the price needs to break above 46.50.