Brent oil – Rising trend line supp could be put to test
Support – $49.80, $48.62, $48.34
Resistance - $50.46, $50.89, $52.00
Resistance - $50.46, $50.89, $52.00
- Brent’s drop in Asia if followed by hourly closing below a smaller rising trend line support (red) on hourly chart would open doors for a slide to larger rising trend line (black) support at $49.00 levels.
- However, hourly RSI is oversold and a thus a rebound from smaller rising trend line support followed by a break above Asian session high of $50.46 would shift risk in favor of a rise to $52.00 levels.
- Overall, dips are likely to be met with fresh bids as long as prices do not see a day end closing below $48.34 levels.
