Brent oil - Waiting game

FX:UKOIL   CFDs on Crude Oil (Brent)
Pattern – Symmetrical Triangle inside falling channel

  • Oil finds itself in a small symmetrical triangle formation with resistance at $47.73 and support at $46.56.
  • A break on the lower side on daily closing basis would expose falling channel support seen at $45.40 levels.
  • On the other hand, a bullish daily closing could yield a move to $48.44 (July 12 high).
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