Brent oil – Challenging channel hurdle

FX:UKOIL   CFDs on Crude Oil (Brent)
Resistance - $51.50, $52.43, $54.00-54.10

Support - $50.89, $50.00, $49.33

  • Prices clocked a high of $50.81 yesterday but ended the day at $50.49, which means we are yet to see a day end closing above resistance at $50.81 levels.
  • Nevertheless, Brent has moved higher in Asia and is now challenging channel (blue) resistance around $51.50. An hourly closing above same would add credence to bullish break above $50.89 and expose resistance at $52.43.
  • On the contrary, a failure to take out/sustain above $51.50 followed by a drop below $50.89 amid overbought daily and intraday RSI would signal a drop to $49.33 levels (channel support – blue).
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