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.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out