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Brent oil – Bearish daily closing

FX:UKOIL   Crude Oil (Brent)
Resistance - $46.75, $47.56, $48.34

Support - $46.13, $44.66, $43.32-42.99

  • Brent’s breach of all three rising trend lines on daily closing basis followed by a day end closing below $46.75 (23.6% of Jan low – June high) suggests the short-term tide has turned in favor of bears and prices could be heading towards 38.2% Fibo located at $42.99.
  • The daily RSI has turned bearish , which adds credence to the bearish view. Furthermore, it is observed that a breach of 23.6% is usually followed by a test of 38.2% Fibo.
  • As for today, failure to sustain above $46.75 (23.6% Fibo) followed by a break below previous day’s low of $46.13 could yield a drop to 50-DMA level of $44.66 levels.
  • On the higher side, only a day end closing today above $48.34 (rising trend line resistance- blue) would suggest bearish invalidation.
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