Brent oil – Sell-off likely below Asian session low

Brent’s failure to re-enter symmetrical triangle followed by a sharp sell-off to a low of $45.68 on Friday has reinforced bears and hence the uptick seen today could prove to be a trap especially if prices fail to take out 50-DMA level of $46.67 and take out Asian session low of $45.96, in which case a fresh sell-off to $44.00 levels is likely.

On the higher side, only a daily close above $48.23 (Friday’s high) would suggest bearish invalidation.