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Jun 30, 2016 5:49 AM

Brent oil – Needs day end closing above falling trend line 

Crude Oil (Brent)FXCM

Description

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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