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Brent oil – Trapped between 50% Fibo and rising trend line

FX:UKOIL   Crude Oil (Brent)
Resistance - $48.34, $48.94-49.09, $49.81-50.00

Support - $47.45, $46.92, $46.16

  • Prices ticked higher in Asia as strike in Norway threatened to cut supply. As of now prices appear trapped between $48.34 (50% of May 2015 high – Jan 2016 low) and rising trend line support at $46.92 ( trend line drawn from Jan low and Feb low).
  • Exhaustion around $48.00 in Asia today following a failure to sustain above $48.34 yesterday indicates prices could once again test rising trend line support at $46.92.
  • A day end closing below $46.92 would mark a major trend reversal.
  • On the higher side, a break above $48.34 would expose middle rising trend line hurdle at $49.19. A daily closing above $49.19 would signal bearish invalidation.
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