The cost of Brent crude declined Tuesday amid growing fears of oversupply of raw materials and petroleum products in the United States.
Brent crude oil remained under pressure. Price is in the downlink, leading trades in the lower face to 46.50.Resistance is located at 47.50, support - at 46.50.
MACD is in the negative zone. If the histogram will remain in the negative zone, it will point to the strengthening position of sellers. In case MACD return into positive territory, control of the market will go to buyers. RSI is located in the neutral zone.
Price remains below 50-EMA, which acts as the resistance. Moving averages (50, 100 and 200) are directed downwards on the 4-hour chart.
Oil f-cast lake today
Brent crude oil remains under pressure and is likely to bid on this tool will continue in the range of 47.50-46.50.
Based on materials from Fort Financial Services