Brent (a 4-hour chart)
After a brief pause during the Asian hours the crude oil prices faced a new downward pressure in the European session. Sellers were able to drive Brent futures lower. The instrument tested the level 45.30 but failed to go further. The lowest selling price was marked at 45.05. The 50 and 100 EMAs extended their declines and crossed the 200-EMA downwards. The 200-EMA is moving upwards. The resistance is at 46.50, the support comes in at 45.30 dollars per barrel.
MACD remained within negative territory which confirms the strength of sellers. RSI is approaching oversold area
We would be selling Brent only if the price drops below 45.30. Otherwise, the instrument may strengthen towards 46.50 - 47.00.