Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, they have both turned sideways reflecting the slowdown of the Bullish trend. Confirmative Chinkou Span line is above the price chart; current Kumo-cloud is descending. The price has entered the cloud, borders of which become strong support (48.09) and resistance (50.08) levels. Most probably Brent will continue to trade within the wide range until the end of the week.
On the daily chart Tenkan-sen and Kijun-sen lines have merged together under the cloud and can form either a signal to sell or to buy. Confirmative Chinkou Span line is following the price chart and current cloud is still descending. The price has overcome the red and the blue lines and is moving towards the lower border of the cloud at 51.56. The closest support level is Tenkan-sen line (48.25).
Support levels: 48.09, 48.25.
Resistance levels: 50.08, 51.56.
On the four-hour chart Brent is trading within the cloud. The breakdown of one of its borders will be a signal either to sell or to buy. However, with regard to the daily chart, where the price is above support levels of Tenkan-sen and Kijun-sen lines and below the cloud, we suppose the price will break through the upper border of the cloud. Pending buy orders can be placed at 50.20 with take-profits at 51.50 and stop-loss at 49.75.