Support - $49.68, $49.00, $48.34
- Brent oil rose to $50.00 as anticipated in the morning outlook yesterday. Prices now appear heading towards $50.89 (resistance of drawn from Apr 5 low-Apr 18 low).
- Prospects of such a move are high, given the move above previous high of $49.81 has negated the price divergence on the .
- However, bulls should observe caution as only a day end closing above $49.81 would indicate continuation of rally.
- The currently trade around $50.10 and move below $49.81 would signal corrective rally to $49.00 levels.