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Brent oil – Re-test of Friday’s low

FX:UKOIL   Crude Oil (Brent)
  • Brent’s bearish closing below 100-DMA followed by a rejection at 100-DMA again suggests prices could be heading back to $45.15 levels.
  • A daily closing below falling wedge would indicate a drop to $43.30 (May 10 low) - $42.23 (200-DMA).
  • On the other hand, a break above 100-DMA would set in motion a corrective rally towards $46.67 (June 27 low).
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