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Brent Oil - Bullish above $48.80

FX:UKOIL   Crude Oil (Brent)
Resistance - $48.80, $49.81-50, $52.00

Support - $47.72, $47.36, $46.74

  • Brent’s bearish price RSI divergence on the daily chart , followed by a bearish crossover between hourly 50-SMA and 100-SMA is likely to keep the prices under pressure.
  • However, bears need to watch out for a rebound from $48.26 followed by a recovery above key hurdle of $48.80 as that would result in a rally to $49.43-$49.81 levels.
  • On the downside, breach of support at $47.72 (hourly 200-MA) could see prices test $47.36-47.00 levels.
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