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Brent oil – Rising trend line supp could be put to test

FX:UKOIL   Crude Oil (Brent)
Support – $49.80, $48.62, $48.34

Resistance - $50.46, $50.89, $52.00

  • Brent’s drop in Asia if followed by hourly closing below a smaller rising trend line support (red) on hourly chart would open doors for a slide to larger rising trend line (black) support at $49.00 levels.
  • However, hourly RSI is oversold and a thus a rebound from smaller rising trend line support followed by a break above Asian session high of $50.46 would shift risk in favor of a rise to $52.00 levels.
  • Overall, dips are likely to be met with fresh bids as long as prices do not see a day end closing below $48.34 levels.
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