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Brent oil – Eyes 50% Fibo support

FX:UKOIL   Crude Oil (Brent)
Resistance - $49.81, $51.12, $53.35

Support - $49.11, $48.34, $47.36

  • Brent’s failure near rising wedge resistance yesterday followed by a negative closing led to formation of inverted bearish hammer at a time when daily RSI is turning lower from overbought territory.
  • Consequently, technical correction could gather steam especially if prices see a break below hourly 200-MA level of 49.11, in which case support at 48.34 (50% of May 2015 high-Jan 2015 low) could be put to test.
  • On the higher side, a day end closing $51.12 would signal continuation of the rally.
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