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Brent oil - bullish move to gather pace above daily high

FX:UKOIL   Crude Oil (Brent)
  • Brent’s sharp rebound from the low of $47.15 yesterday followed by a daily closing well above the rising trend line (blue) suggests the corrective move from the resistance level of $51 may have ended.
  • A rebound from the 50-DMA level of $48.80 today if followed by a break above the daily high of $49.24 would add credence to previous day’s rally and open doors for $50.20 (rising trend line - red).
  • On the other hand, only a day end closing below rising trend line – blue support stationed at $48.34 would signal the drop from $51 has resumed again.
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