A downward movement is likely to continue.
At the beginning of the week, the price of Brent crude oil declined notably within a downward correction. On the 4-hour chart, the price tested the level of 50.00 (50.0% correction), but failed to consolidate below it. However, in case of success, it may reach the levels of 49.15 (61.8% correction) and 48.20. If the price bounces off the level of 50.00, a growth to 50.86 (38.2% correction), 51.90 (23.6% correction) and 52.35 will follow.
On the daily chart, the level of 48.85, which the price may reach at the end of the week, is worth noting, as the 38.2% arc, the 50.0% fan and 23.6% correction have concentrated there. The breakdown of this level may lead to a long decline to August lows at 42.50. Otherwise, the price would start growing to 52.80 (36.2% correction) and 56.00 (50.0% correction).
Short positions are preferable and can be opened from the level of 49.70 with targets at 49.15, 48.20 and stop-loss at 50.10.
Long positions become valid after the consolidation above the level of 50.86 with targets at 51.90, 52.35 and stop-loss at 50.50.