TipTVFinance

Brent Oil - Correction likely

TVC:UKOIL   Brent Crude Oil
As anticipated in the London open update, Brent prices extended gains to weekly 100-MA and failed to take out the same.

Prices are back below $50.00 handle and this suggests the rally since last week's low of $45.67 has run out of steam and we could see sideways to negative action for next few days.

On the downside, $48.53 (Aug 23 low) is a strong support, which if breached would open doors for a much deeper retracement to $45.00 levels.
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