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Brent oil - Bullish invalidation on cards?

FX:UKOIL   Crude Oil (Brent)
Support - $43.26, $41.05

Resistance - $45.11-45.44, $46.00

  • Brent's failure to sustain and capitalize on a rebound from the rising trend line support earlier today followed by a break below rising trend line itself indicates bullish invalidation.
  • A daily close below rising trend line would expose $43.26 (23.6% Fibo of Jan-April rally). Also watch out for daily RSI , which may breach 50.00 levels bringing-in more technical selling towards $41.05 levels.
  • On the higher side, it would take a daily close back above $45.44 for the bulls to make comeback.

The fall isn't surprising to us as we had noted a sudden exhaustion in the hollywood 'sell' calls and fear mongers that were totally "in form" after Doha debacle.

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