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Brent oil - Re-test of 5-DMA appears likely

FX:UKOIL   Crude Oil (Brent)
  • Brent's failure to take out black rising trend line if followed by a break below $50.00 levels despite bullish inventory report from market intelligence firm Genscape would open doors for a drop to 5-DMA level of $49.00 levels.
  • Breach of 5-DMA would expose support at $48.34.
  • On the higher side, rising trend line (black) if breached on day end closing basis would signal continuation of rally from Thursday's low and would shift risk in favor of a re-test of $52.83 (latest cyclical high).
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