Brent oil retraced 50% of May 2015-Jan 2016 drop
Resistance - $48.34, $48.80, $50.31
Support - $47.31, $46.16, $44.90
Brent oil neared $48.34 today, which is the 50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low.
Entire month, bears found themselves trapped on a wrong side of the trade.
Oil simply shrugged off Doha debacle and repeated warnings of oversupply by analysts.
Rising channel is intact on daily chart, but RSI looks overbought. Caution warranted unless clear break is seen above $48.34
Support - $47.31, $46.16, $44.90
Brent oil neared $48.34 today, which is the 50% Fibo retracement of the fall witnessed from May 2015 high to Jan 2016 low.
Entire month, bears found themselves trapped on a wrong side of the trade.
Oil simply shrugged off Doha debacle and repeated warnings of oversupply by analysts.
Rising channel is intact on daily chart, but RSI looks overbought. Caution warranted unless clear break is seen above $48.34
