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Brent oil - Re-test of rising trend line support likely

FX:UKOIL   Crude Oil (Brent)
Resistance - $50.00, $50.89, $52.43

Support - $49.26, $48.70, $47.60

  • Brent's failure to take out $50 (5-MA), if followed by a break below the daily low of $49.26 would open doors for a re-test of $47.60 (rising trend line support - red).
  • On the higher side, a convincing daily close above black rising trend line would add to the bullsih tone and signal re-test of $52.43 levels,
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