Brent (a 4-hour chart)
Oil prices decreased on Tuesday as hopes of an agreement among the OPEC members faded.
Oil prices remained under pressure on Tuesday. A recovery attempt failed, sellers are back in town. The price dropped from the weekly high at 47.50 to 46.50 dollars per barrel. After breaking the level 46.50 Brent extended its losses towards 45.95. Crude oil prices were not able to break the 200-EMA upwards. The price turned around and fell through the 50 and 100-EMAs. The 50 and 100 EMAs are pointing lower. The 200 EMA maintained a bullish slope. The resistance is at 46.50, the support comes in at 45.30 dollars per barrel.
MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is heading south.
Brent is expected to extend its decline towards 45.30. Should this mark be reached successfully, a further extension towards 44.30 could be observed further.