TipTVFinance

Brent oil - bullish invalidation seen below rising trendline

FX:UKOIL   Crude Oil (Brent)
Daily Chart pattern - Rising trend line intact

Support - $45.05, $44.59, $44.27

Resistance - $46.16, $47.00, $48.34

  • Loss of bullish momentum as prices neared $48.34 (50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low) opened doors for a drop to rising trend line levels.
  • Despite sharp drop seen yesterday and in early Europe today. charts indicate bulls remain in control, more so because rising trend lines support at $45.05 and $44.59 is intact.
  • A daily closing below $44.59 would indicate short term bullish invalidation, which could be followed by a sideways to bearish action.
  • On the other hand, bulls need to watch out for a rebound from rising trend line this week as that could put resistance at $48.34 to test.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out