Brent (a 4-hour chart)
The oil inventory decreased in the USA which actually was welcome news for the price. Today we expect Oil Rig Count report which can boost the price.
Technically, a bearish tone persists. The crude oil remained in the descending channel, the price returned to its lower limit. The Brent futures dipped from 47.50 to 46.50. The instrument lost about 1.50% during the course of the trades. 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.
The tone is still negative in the market. The level 46.50 limits all sellers attempts to go further. A break below this mark risks a decline towards the support at 45.30