Brent (a 4-hour chart)
Oil prices recovered on Monday after last week decrease. Investors are weighing up the possibility of a potential coordinated output freeze agreement among the OPEC members.
Oil prices remained within a descending channel. A bearish tone prevailed in the 4 hours chart. Brent spent the Asian session in a tight range between 45.80 and 46.50. The price got under buying pressure in European trade on Monday. However, the bullish spike faded at the mark 47.00. The quotes are in-between the bearish 50 and 100 EMAs in the 4 hours chart. The 200-EMA is moving higher in the mentioned timeframe. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.
MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI remained within neutral territory.
Brent might extend its recovery towards 47.50. A break above 47.50 would open the way to 48.00. In the event that the sellers manage to force the below 46.50 the quotes will dip towards 45.30.