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Brent oil – Next (possible) stop at 200-DMA support

FX:UKOIL   Crude Oil (Brent)
Brent’s day end closing below $42.99 (38.2% of Jan low – June high) on Thursday suggests prices are on track to test 200-DMA support at $42.15 levels today.

Daily RSI is yet to hit oversold territory, there are no signs of bullish divergence . Daily MACD remains bearish as well.

A minor technical recovery was seen in Asia, but that is failing to hold prices above $42.99, thus adding to the bearish tone around oil             .

Bearish invalidation is seen only if prices see a daily closing above $45.00 levels.
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