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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.
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