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Brent oil – Needs day end closing above falling trend line

FX:UKOIL   Crude Oil (Brent)
Resistance - $51.22 (June 22 high), $52.16, $52.83

Support - $50.11, $49.70, $49.22

  • Brent needs to close above falling trend line as such a move would add credence to the rebound from the Monday’s rising trend line support and open doors for a cut above recent high of $52.83.
  • On the other hand, intraday failure to take out $51.22 if followed by a break below $50.11 could yield re-test of $49.22.
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