The recovery move stalled at the 75.50 area yesterday. Sellers regained control after that and sent the rate towards 73.50. Brent undertone remained negative on Thursday. Bears retook the level 73.50 in the night and pushed the benchmark towards 73.00. Brent found fresh bids around this mark and bounced back after touching it. The technical indicators are on the sellers’ side. MACD is in the negative area. RSI is neutral, however, it is moving downwards towards the oversold area. The moving averages are still moving south. The resistance stands at 73.50, the support is at 72.50.
Sellers are heading towards 72.00 and we believe they will reach this mark in the US session.