Brent – increased odds of a rebound

FX:UKOIL   CFDs on Crude Oil (Brent)
Resistance - $46.75, $47.39, $48.34

Support - $46.32-46.13, $44.81, $44.17

  • Brent’s repeated failure to remain below channel support if followed by a break above $46.75 (23.6% of Jan low – June high) would open doors for $48.34 (50% of May 2015 high – Jan 2016 low).
  • Such a move on day end closing basis would suggest a short-term bottom is in place at $46.13.
  • On the lower side, a day end closing basis below $46.13 would suggest the retreat from June top has resumed and prices then could drop to 100-DMA support of $44.82.
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