Brent fell after reaching almost yearly highs. The correction happened due to the strengthening of the dollar. However, refineries and supply disruptions from Nigeria still support the oil.
The oil quotes stopped their growth. The Brent decreased and broke a number of levels on its way: 52.50, 51.50. The oil futures ended the week at the mark 50.50. The resistance comes in at 51.50, the support lies at 50.50.
MACD is still in the positive area, its signal line left the histogram. MACD is decreasing and that is a sell signal. RSI is still close to the oversold level of 30. The Brent quotes stopped at the 50 Moving Average that did not let the Brent to fall.
The Brent looks oversold and may slow down its decrease. The quotes shall wait for new drivers, such as the Fed meeting results and Weekly Crude Oil Stock report.
The Brent has all chances to bounce off. If the quotes bounce they will grow back to 52.50. If the prices advance lower 50.50 the decrease will be continued.