Interesting looking at longer range view of Brent... so taking the early 2016 low to the highs today, the first fib retracement level is 44.16... That level was hugely significant (blue line) as support when we came off the highs in April.
So we need a close above the 49.40 region to green light higher, or we retrace to support levels of the mov averages, 47.50, and then 4640 area before that first fib comes into play.
So we need a close above the 49.40 region to green light higher, or we retrace to support levels of the mov averages, 47.50, and then 4640 area before that first fib comes into play.