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Brent oil – Selling continues

TVC:UKOIL   Brent Crude Oil
Brent’s close below %45.85 (38.2% Fibo of 52.83-41.54) on Thursday followed by a failure to hold above the same in the Asian session today suggests bears remain in control and prices could extend losses to $45.30-$45.00 levels.

However, the hourly RSI is oversold; hence there is scope for correction. Moreover, a corrective move would gather pace above the Asian session high of $45.97, in which case resistance at $46.37 could be put to test.
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