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Brent oil – Bears in control, eyeing key support

FX:UKOIL   Crude Oil (Brent)
Resistance - $48.34, $48.73, $49.38

Support - $47.52, $46.75, $44.91

  • Oil’s failure to sustain below previous session low of $47.52 despite bearish break below rising trend line (blue) in Asia indicates prices could make an attempt at $48.34 (50% of May 2015 high – Jan 2016 low). a break higher would expose 50-DMA at $48.73-49.00 levels.
  • On the other hand, a failure to take out $48.34 followed by a move back below $47.52 would open doors for a slide to $46.75 (23.6% of Jan low – June high).
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