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Brent oil – Increased odds of a rise to $50.00

FX:UKOIL   Crude Oil (Brent)
Resistance - $49.81-$50.00, $50.89, $52.55

Support - $48.34, $47.69, $47.00

  • Brent’s rebound from monthly 5-MA followed by recovery above 48.34 (50% of May 2015 high-Jan 2015 low) and a subsequent break above $48.63 (monthly high till yesterday) indicates bulls have regained control and prices could be heading towards $50.00 levels.
  • On the lower side, fall back below $48.34 would expose monthly low of $47.57.
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