Brent (a 4-hour chart)
Brent remained under pressure as traders doubt that the OPEC members will limit oil output at the September meeting.
Brent futures closed bearish yesterday. The instrument remained in a side channel between 49.00-49.50 levels during the trades. The resistance is at 49.50, the support comes in at 48.50 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.
Brent futures broke the 50-EMA in the 4 hours chart. The 100-EMA broke the 200-EMA upwards in the mentioned timeframe. All lines are still moving upwards.
In the near term, the outlook is neutral until we get Crude Oil Stock report on Thursday.