Brent (a 4-hour chart)
Oil prices fell when Iraq refused to join an output freeze. A growth in the
Brent prices traded flat, staying in a narrow range between 51.50 and 52.00 dollars per barrel. Sellers seemed to be guarding the mark 52.00 as the price bounced from the level on every attempt to the upside. The selling pressure increased at the start of the NY session. Brent futures broke the level 51.50 and moved lower towards 51.00. Oil futures bounced off the 50-EMA, broke the 100-EMA and headed south in the 4 hours chart. The 50-EMA direction is downwards, the 100 and 200 EMAs are moving upwards. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.
MACD is in the negative area. MACD remained at the same level which confirms the strength of sellers. The RSI oscillator moved downwards
If the downward pressure persists Brent may decrease further towards 51.00. The second bears’ target is the level 50.00.