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Brent oil - $48.34 is a strong support today

FX:UKOIL   Crude Oil (Brent)
Support - $48.34 (50% of May 2015 high-Jan 2016 low + 50-DMA), $47.30, $46.75

Resistance - $49.05, $49.82, $50.30

  • Brent’s exhaustion near rising trend line (red) followed by a break below 5-DMA indicates prices could be heading towards confluence of support at $48.34 (% of May 2015 high-Jan 2016 low + 50-DMA).
  • A violation there would expose rising trend line (blue) level of $47.30.
  • On the higher side, prices need to take out $49.05 (rising trend line – red) on daily closing basis as that would add credence to a Monday’s rebound from rising trendline (blue) and open doors for $50.30 (falling trend line resistance).
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