Brent (a 4-hour chart)
The draw in the U.S. crude supplies supported Brent futures which have been growing for the third week in a row.
Technically, the short term picture is modestly bullish. The price extended its growth above the level 46.50 on Thursday. Brent is currently struggling with 47.50 to grow further. The instrument touched the 200-EMA and left below the 50 and 100 EMAs. The 200-EMA is pointing higher, the 100 and 50 EMAs are heading lower. The resistance is at 48.50, the support comes in at 47.50 dollars per barrel.
MACD entered the positive area. The histogram grew which indicates the buyers’ strength.
RSI is approaching overbought area.
As the most probable scenario, we consider further moving upwards towards the level at 47.50 dollars per barrel. A short-term roll back towards 46.50 is also possible.