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Brent oil - More losses if rejected at trend line resistance

FX:UKOIL   Crude Oil (Brent)
Resistance - $48.34, $50.00, $50.89

Support - $47.00, $45.80, $45.00

  • Failure to sustain above rising trend line (red) followed by a break below previous day's low of $46.92 could yield a move lower to $45.80 (blue rising trend line). Day end closing below $45.80 today would be a major blow for oil             bulls.
  • On the higher side, $48.34 stands as a strong resistance, which needs to be breached on day end closing basis if bulls wish to have more say in determining prices.
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