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Brent oil – Retakes rising trend line

FX:UKOIL   Crude Oil (Brent)
Resistance- $50.89, $52.43, $52.83

Support - $50.73 (rising trend line – black), $49.82, $48.62

  • Brent’s daily closing back above rising trend line – black indicates a temporary bottom is in place at $46.92 and prices could move higher to $52.43 - $52.83 levels if today’s closing is above rising trend line – black as well.
  • On the other hand, repeated failure to take out $50.89 followed by a hourly closing below $50.73 would open doors for a re-test of $50 - $49.82 levels.
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