Brent (a 4-hour chart)
Oil prices fell on Wednesday amid fading hopes that the OPEC members would come to an agreement with the output deal.
Brent oil futures extended losses from the previous sessions on Wednesday. The price broke the level 50.50 and continued to lose its value. After breaking the level Brent futures moved lower and approached the next support area around 49.50. Oil futures approached the 200-EMA which may act as a support for them. The 200-EMA maintained its bullish direction, while the 50 and 100 EMAs are turning downwards. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.
MACD is in the negative area. MACD decrease which confirms the strength of sellers. The RSI is within oversold area.
In the 4 hours chart, the technical picture favors a downward extension. After breaking 49.50 Brent oil futures might extend its losses towards 48.50. We do not exclude taking profit from bears after a recent decline.