Brent crude oil is holding lower during its recent intraday trading, under the dominance of a short-term corrective downward wave, while moving along a trendline that supports this bearish path. Negative pressure continues as the price trades below EMA50, which reduces the chances of recovery in the near term.

 

This comes alongside negative signals from relative strength indicators after the price managed to ease its oversold condition, which further supports the bearish outlook.