Brent oil outlook – On the cusp of a golden crossover

FX:UKOIL   CFDs on Crude Oil (Brent)
Daily Chart

Resistance – 46.27, 47.00, 48.34

Support – 44.87, 44.16, 42.40

  • Brent’s bullish move yesterday if followed by a break above weekly 50-MA hurdle of 45.56 could result in a rise to 46.27 (weekly high).
  • Such a move looks possible if prices bounce-off daily 5-SMA support 44.86 levels.
  • A break above 46.27 could see prices test supply around 47.00 (confluence of trend line levels).
  • Short-term bearish invalidation is seen only below 42.40 (200-SMA + rising trend line support).
  • Note – prices are on the cusp of a golden crossover between daily 50-MA and 200-MA.

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