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Brent oil - 23.6% Fibo support remains intact

FX:UKOIL   Crude Oil (Brent)
Brent looks poised to end higher after six-day losing streak. Prices retreated from high of $52.83 to a low of $46.92 yesterday before rising to $48.40 levels today.

Prices looked poised to test and break $46.75 (23.6% of 27.08-52.83) yesterday, but the correction seen today ensured the support remains intact. Prices are also back above rising trend line (red).

Outlook

  • Day end closing above $48.34 (50% of May 2015 high - Jan 2016 high) would open doors for a re-test of rising trend line hurdle (black).
  • On the other hand, failure to take out $48.34 followed by a break below rising trend line red) would once again shift risk in favor of a breach of support at $46.75 (23.6% of 27.08-52.83).
  • Day end closing below $46.75 would expose rising trend line - blue
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