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Brent oil – Risks falling to falling wedge support

FX:UKOIL   Crude Oil (Brent)
  • Brent’s bearish break from a hourly symmetrical triangle on Thursday despite Wednesday recovery amid falling US inventories suggests prices are on track to test the falling wedge support seen on the daily chart at $45.23 levels.
  • A daily closing below the same would open doors for a drop to 200-DMA level seen around $42.22.
  • On the higher side, only a daily closing above $48.55 (July 12 high) would signal bearish invalidation.
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