Brent technical levels
Resistance - $50.89, $51.50, $52.00
Support - $49.81, $48.78, $48.34
- Brent made an attempt to take out latest cyclical high of $50.89 yesterday but failed, although subsequent activity has been anything but encouraging for the bulls.
- Prices remain around $50.40 levels in early Europe today.
- Selling interest could strengthen if prices break below yesterday’s low of $49.73, in which case strong support at $48.34 stands exposed.
- On the higher side, a day end closing above $50.89 is required to signal continuation of the rally towards $52-54 levels.
WTI oil – hourly chart shows a possible head and shoulder formation with neckline support around $48.20 levels.