However, the risk of a break below 17,580 is high today, given both oil benchmarks show a head and shoulder breakout.
The indicates prices could drop towards $41.89 and if so could have a negative impact on risk sentiment.
Daily Chart – MA crossover on hourly charts
Weakness today could lead to a crossover between hourly 100-MA and 200-MA and add credence to crossover between 50-MA and 200-MA seen on Friday.
In such a case, prices could drop to 17,600 – 17,565 (daily 100-SMA).
On the higher side, a break above hourly 200-MA could yield a re-test of 17,900-17,950 levels.