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Brent oil - Eyes hourly 100-MA support

FX:UKOIL   Crude Oil (Brent)
Resistance - $51.84, $52.43, $52.83

Support - $51.25, $50.89-50.72, $50.00

  • Brent's bearish price rsi divergence on the hourly chart followed by a break below $52.00 levels indicates the prices could drop to $51.25 (hourly 100-MA) levels. A break lower lower could yield $50.89-$50.72.
  • On a larger scheme of things, bullish invalidation is see only if prices see a day end closing below $48.34 levels.
  • The hourly chart also shows a downtrend has been established, thus the resistance has to be taken out if prices have to re-test $52.00-$52.43 levels.
You should have extended the blue line further down until it crosses 200-MA
Reply
@Zhake .. agreed
+1 Reply
Hi TipTV Finance! 200-day line is blue or black? Waiting for a big correction, or to channel wall?
Reply
Hi Creaker. Blue one is hourly 200-MA
Reply
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