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Brent oil - watch out for break below daily low

FX:UKOIL   Crude Oil (Brent)
Brent's daily chart shows bearish crossover between 5-SMA and 10-SMA. Hence, traders should watch out for a possible sell-of from there that may result in a break below daily low of $45.14.

That would also mark a failure to sustain above the rising channel and rising trend line levels and could yield a drop to $44.16 (previous day's low). On the higher side, break above $46.16 (Apr 21 high) would be needed to mark bearish invalidation.

Golden crossover

  • The much hyped golden cross over between 50-SMA and 200-SMA could be seen if prices see a break above $46.16.
  • This is usually a laggard indicator, however, note that we are coming off from a one-and-half year long slowdown in prices.
  • Hence, the crossover could add credence to the possibility that long-term bottom has been made.

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