Brent oil retakes rising trend line

FX:UKOIL   CFDs on Crude Oil (Brent)
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  • Brent’s move back above rising trend line if followed by a cut through offers around $46.16 could open doors for a rise to rising channel hurdle seen on daily chart at $47.80-48.00 levels next week.
  • The recovery from the intraday low also marks failure to sustain below key level of $44.90 and adds credence to bullish momentum.
  • Short-term bullish invalidation is seen only if prices suffer day end closing below $43.32.
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