Brent (a 4-hour chart)
The Brent got support from the Weekly Crude Oil Stock report in the USA. The USA Oil Stocks have been decreasing the nine week in a line.
The crude oil Brent remained in the descending channel, the price approached its upper limit. The Brent has been in a downtrend channel since mid-June. The resistance is at 47.50, the support comes in at 46.50.
MACD indicator is in the negative area. MACD grew which indicates the sellers’ positions weakening. RSI is in the neutral territory.
The price broke the 50-EMA upwards in the 4 hours chart. However, the price did not hold there and drop below of it. The moving averages (50, 100 and 200) are moving downwards in the 4 hours chart.
We preserve a bearish outlook for the Brent. We expect the trades between the levels 47.50 and 46.50.