The price of Brent crude oil tested the level of 49.00 several times but could not consolidate above it yet. Since the end of last week, the price has been trading in a narrow range of 47.55-49.34 while market remains low.
Tomorrow attention needs to be paid to data on the EIA Crude Oil Stocks change in the US.
Support and resistance
On the 4-hour chart, are directed horizontally. histogram is in the negative zone and its volumes are growing, which suggests the downward movement is forming.
Support levels: 47.55, 46.77, 45.90.
Resistance levels: 48.50, 49.34, 50.00.
Short positions can be opened after the breakdown and consolidation below the level of 47.55 with targets at 46.77, 45.90 and stop-loss at 48.00.
Long positions can be opened after the price consolidation above the level of 48.50 with targets at 49.34, 50.00 and stop-loss at 48.00.