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UK Oil - re-test of falling wedge support

FX:UKOIL   CFDs on Crude Oil (Brent)
Brent's retreat on Wednesday accompanied by a comparatively higher volumes suggests the Tuesday's rise was nothing more than short covering and the prices could extend the retreat to falling wedge support at around $45.60.

The repeated failure to take out 5-DMA since Asia adds credence to the bearish view.

On the higher side, only a day end closing above $48.21 accompanied by volumes higher than that seen on Tuesday would suggest a short-term bottom has been made and could yield test of falling wedge resistance.
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