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Brent Oil - 50% Fibo could act as strong support

FX:UKOIL   Crude Oil (Brent)
Resistance - $48.62, $49.34, $50.30

Support - $48.34, $47.62, $46.16

  • Brent's five-day losing streak has pushed the 4-hour RSI into oversold territory. Thus a temporary loss of momentum is likely.
  • Given this, a corrective rally could be seen, especially if prices stage a rebound from $48.34 (50% of May 2015 high-Jan 2016 low). A rebound from the said fibo level could yield $49.34 (daily 5-MA).
  • On the other hand, day end closing below $48.34 could signal trend reversal.
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