Brent oil – Eyes 23.6% Fib resistance

TVC:UKOIL   CFDs on Brent Crude Oil
Oil’s recovery from the low of $44.38 amid the daily MACD showing loss of bearish momentum suggests the bearish move may have run out of steam and the prices could rebound from 200-DMA             of $45.39 and move to $46.58 (23.6% of the recent drop).

Only a daily close below $44.38 would suggest continuation of the recent downtrend.
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