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Brent oil - higher highs on Price..lower highs on RSI

FX:UKOIL   Crude Oil (Brent)
Resistance - $50.00, $50.485, $50.89

Support - $48.89, $48.34, $47.57

  • Brent retreated from yesterday’s high of $50.485 to trade around $49.20 levels in Asia today.
  • The inverted hammer candle seen on the daily chart has kept the “rising tops on price…falling tops on RSI” formation intact.
  • Consequently, bulls need to observe caution and be prepared for a possible drop to $48.34 (50% of May 2015 high – Jan 2016 low).
  • On the higher side, only a day end closing above $50.485 (yesterday’s high) would signal continuation of rally.
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