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Brent Oil – rebound from weekly 50-MA, Inv. H&S

TVC:UKOIL   Brent Crude Oil
Brent oil             staged a solid rebound from the weekly 50-MA level of $43.76 and boasts of a inverse head and shoulder formation on the 4-hour chart with a neckline resistance seen sloping to $48.00 over the next week.

A bullish break would open doors for breach of the psychological level of $50.

On the other hand, only a weekly close below weekly 50-MA would signal resumption of the downtrend from the Oct high of $53.71.
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