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Brent oil – watch out for a rebound from hourly rising trend lin

FX:UKOIL   Crude Oil (Brent)
Resistance - $50.99 (ysday’s high), $51.22 (June 22 high), $52.83 (recent high)

Support - $49.93, $49.48 (hourly 200-MA), $48.61

  • Brent’s rebound from 5-DMA followed by a rebound from a hourly rising trend line support indicates prices could make another go at yesterday’s high of $50.99.
  • Further gains need a day end closing above $50.99, in which case the recent high of $52.83 could be put to test next week.
  • On the other hand, a breach of rising trend line support would open doors for a slide to hourly 200-MA level of $48.48.
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