raw materials market remains under pressure amid worries about the state of the economy. Prices for Brent traded volatile. Decrease in quotations of "black gold" is caused by an excess of oil products, as well as the suspension of economic growth against the backdrop of supply disruptions and expectations decline of oil reserves.
Oil is under pressure from the beginning of the summer. Quotes Brent are at the lower boundary of the descending channel. Price is a key support level 46.50. The tool is consolidating after a sharp decline.Resistance is located at 47.50 and 46.50 in the area of support.
Moving averages (50, 100 and 200) on the 4-hour chart, facing down. 200, the EMA on the 4-hour chart - resistance for the pair.
The MACD histogram has decreased, which indicates the position gain sellers. RSI is near the oversold area. To save the current position of the indicator suggests a continuation of the downward trend
Oil is forecast for today
In London Brent crude traded on the upside there, which is the level of 47.50 target. In case of breaking this mark, the way to 48.50 will be opened.
Based on materials from Fort Financial Services