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Brent oil – Bullish momentum exhausted

TVC:UKOIL   BRENT CRUDE OIL
Brent’s failure to sustain above $51.19 (Aug 19 high) after having failed near the same on Monday suggests the bullish momentum has run out of steam.

When viewed in light of the falling monthly 50-MA around $50.70, it suggests the prices could head lower to $49.68 (Sep 9 high).

On the higher side, only a daily close above $51.19 would suggest continuation of the rally from last week’s low of $45.67.
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