Brent (a 4-hour chart)
The Brent decreased and refreshed the 2-month lows on the back of the cautions regarding the oil oversupply in the market.
The Brent traded lower yesterday. The crude oil futures lost about 2.00% during the trades of the day. Sellers led the price from the mark 45.85 to 44.52. The resistance is at 45.30, the support comes in at 44.00.
MACD indicator is in the negative area. MACD decreased which indicates the sellers’ positions strengthening. RSI approached the undervalued area which is a sell signal.
The moving averages (50, 100 and 200) are moving downwards in the 4 hours chart.
After the support level of 44.00 breakthrough down the way to the support 42.80 will be opened.