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Brent oil – Awaits breakout

FX:UKOIL   Crude Oil (Brent)
Resistance - $50.83, $51.40, $52.42

Support - $49.73, $49.08, $48.58

  • Brent finds itself stuck in a rising channel of sorts with a minor head and shoulder inside it (neckline support at $48.58).
  • The bearish price-RSI divergence seen on the above 4-hour chart, coupled with repeated failure to hold above $50.00 indicates prices may see a bearish break from rising channel and test $48.58 levels.
  • On the higher side, a clear break above $50.83 (Mar 11, 2015) is needed to signal continuation on the rally from Fed lows.
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