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 support at $46.92 ( 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 support at $46.92.
- A day end closing below $46.92 would mark a major trend reversal.