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.
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.
