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Brent oil – Falling trend line established

FX:UKOIL   Crude Oil (Brent)
Resistance - $50.89-$51.00, $52.08, $52.83

Support - $49.70, $48.34, $47.30

  • Brent’s failure to sustain above rising trend line (black) if followed by a break below the Asian session low of $49.70 would open doors for a slide to $48.34 (50% of May 2015 high – Jan 2016 low + rising trend line – red).
  • Moreover, Brent’s move lower yesterday has established a falling trend line .
  • A daily close below $48.34 would indicate the correction from June 9 top of $52.83 has resumed.
    On the higher side, a day end closing above $51.21 (previous day’s high) is required to signal a re-test of June 9 high.
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