Brent oil – Rising Wedge formation

FX:UKOIL   CFDs on Crude Oil (Brent)
Resistance - $50.49, $51.00, $53.36

Support - $49.69, $48.36, $47.56

  • Brent’s sharp recovery from sub-$49 levels in last two trading days if followed by a break above $50.49 (May 26 high) would open doors for a test of rising wedge resistance at $51.00 levels.
  • A day end closing above $51.00 would signal continuation of rally and a possible test of $53.36.
  • On the other hand, failure to take out hurdle $51.00 followed by a break below $49.93 could signal a possible correction to $48.34 levels.
  • Bullish invalidation is seen only if prices see a bearish break from wedge formation.
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