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.
is intact on , but looks overbought. Caution warranted unless clear break is seen above $48.34