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Brent oil – Caution advised as price nears 23.6% Fibo hurdle

FX:UKOIL   Crude Oil (Brent)
Resistance - 47.99 – 48.26, 50.00, 52.55

Support – 46.97, 45.75, 44.16

  • Brent’s rally yesterday has pushed the hourly RSI into overbought territory at a time when prices are a few points away from $47.99 (23.6% Fibo of June 2014 high-Jan 2016 low).
  • Hence, bulls need to observe caution as corrective move towards $47.00-46.50 cannot be ruled out.
  • Gains towards 47.99-48.26 could be seen, although a daily close above 48.26 would add more credence to the recent bullish move and indicate recovery from Jan low has resumed.
  • Also note – Golden crossover between 50-SMA and 200-SMA is pretty much a done deal. If prices see a daily close above 48.26 today, the golden crossover would gain credence.
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