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Brent oil – Gains seen above daily high of $47.89

FX:UKOIL   Crude Oil (Brent)
Brent’s rebound from 5-DMA if followed by a break above the daily high of $47.89 levels following a breach of a smaller falling trend line hurdle on Friday would open doors for $49.00/barrel (50-DMA).

On the other hand, a failure to extend gains above the daily high of $47.89 would suggest a retreat to $47.00. A violation there could a test of $46.67 (June 27 low).
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