- Two established horizontal levels at $60 and $63.
- The 0.236 level when drawn from the $148 high of June 2008.
- The moving averages: 30-week around $60 and 50-week around $63.
Price may either get rejected directly by this resistance cluster or get stuck in that zone until it is squeezed between the 30-week and 50-week moving averages into a golden cross, at which point we need to re-evaluate. However, I find it much more probable to be rejected given the weakness of the current dead cat bounce. If it is rejected, then I believe it will re-test the $45 .
Check my linked idea on Brent oil futures .