The forecasts that the major Central Banks may soften their monetary policies supported the oil futures. Besides, the sales that were connected with the end of the quarter are ended and a bullish sentiment returned to the markets.
The oil quotations returned to a recovery. The Brent futures were able to grow by 0.76%. Now the price approached a strong psychological mark at 50.50. The Brent formed a trading range on the 4 hour chart: 46.70 – 50.65. The resistance is at 50.50, the support is at 49.50.
MACD is in the positive area, its histogram grew, that is a buy signal. RSI bounced from the overbought area. Shall RSI move upwards the Brent futures will grow, otherwise the price will decrease. The crude oil futures bounced from the 50- day moving average and grew on the 4 hour chart. The price broke through the other two movings: 100-day moving and 200-day moving averages.
We believe the instrument will remain in the current trading range 46.50 – 50.50 without new fundamental drivers. If the Brent keeps growing the price will reach 51.50.