TipTVFinance

Brent oil – Above $50.00, no eye trend line resistance

FX:UKOIL   Crude Oil (Brent)
Resistance - $50.89, $52.55, $53.36

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 trend line 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 bearish price RSI divergence on the daily chart .
  • However, bulls should observe caution as only a day end closing above $49.81 would indicate continuation of rally.
  • The futures currently trade around $50.10 and move below $49.81 would signal corrective rally to $49.00 levels.

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