Support – 46.97, 45.75, 44 .16
- Brent’s rally yesterday has pushed the hourly 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 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.