The Crude Oil Stocks change report came in worsened than traders’ expectations. Its results pressured the oil quotes. Besides, the Fed left unchanged its monetary policy that had pressured the oil as well.
The oil quotations remained under pressure. The Brent broke through the support at 49.50 dollars per barrel, and then fell to the level of 48.50. The 49th figure limited its attempts to recover.
MACD is in the negative area, the histogram remained at the same level. RSI is close to the oversold level of 30. The Brent quotes are below Moving Averages (50 and 100) that serve as a resistance. The MA 200 is just below the price. The 200 Moving Average does not let the pair to fall further.
If the Brent remains below 50.50 it shall decrease to 48.50 and further down to 47.50. Alternatively, the Brent may grow to 51.50.