Brent (a 4-hour chart)
Brent prices strengthened on Wednesday on stockpile data. Investors waited for the OPEC meeting outcome.
After a short consolidation during the Asian hours Brent returned to a growth. After breaking the level 46.50 the price rallied towards 47.50 dollars per barrel. However, the bullish spike appeared a short-lived and the quotes returned below 46.50. The overall picture is bearish. Brent tested the 50-EMA in the 4 hours chart. The 50 and 100 EMAs are neutral, the 200-EMA is pointing higher. 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 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 neutral.
If the price consolidates above 46.50 the price may extend its recovery. The level 47.50 is the first target. A clear break above the level will open the way towards 48.50. To trigger a downward movement the quotes need to return below 46.50 dollars per barrel.