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Brent oil – Needs to break above $51.22

FX:UKOIL   Crude Oil (Brent)
Resistance - $50.99-$51.22, $52.08, $52.83

Support - $50.27, $49.64, $49.15

  • Brent’s failure to sustain above $50.50 despite sharp rebound from rising trend line support on Friday would open doors for a cut through support at $50 and drop to $49.15 levels.
  • On the higher side, break above $51.22 (June 22 high) would add credence to last week’s rebound from rising trend line and expose latest cyclical high of $52.83 (June 9 high).
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