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Brent oil- Fresh sell-off below daily low

FX:UKOIL   Crude Oil (Brent)
Brent's failure to move back inside the sideways channel (blue dotted line) followed by a break below the daily low after Monday's bearish breakout from sideways channel would result in sharp losses to $44.94 (100-DMA) levels.

On the higher side, a violation at $46.75 (23.6% of Jan low - June high) on the daily closing basis could yield $48.34 (50% of May 2015 high - Jan 2016 low).
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