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Brent oil retraced 50% of May 2015-Jan 2016 drop

FX:UKOIL   Crude Oil (Brent)
Resistance - $48.34, $48.80, $50.31

Support - $47.31, $46.16, $44.90

Brent oil             neared $48.34 today, which is the 50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low.

Entire month, bears found themselves trapped on a wrong side of the trade.

Oil             simply shrugged off Doha debacle and repeated warnings of oversupply by analysts.

Rising channel is intact on daily chart , but RSI looks overbought. Caution warranted unless clear break is seen above $48.34
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