Brent Oil - Bottomed out, but needs to break above $52.62
Once is a fluke twice is a coincidence and thrice is pattern!
Brent Oil is once again staging a rebound from the 200-DMA at a time when the RSI is oversold.
I am pretty sure here that oil has found a bottom around $50-$49.75 levels… as the multiple daily candles with long tails suggest.
However, I would want to see prices break on the upside of the minor falling channel followed by a jump above $52.62 (Mar 16 high). Such a move would open doors for a re-test of 50-DMA, which has topped out and is now sloping downwards. The 50-DMA currently stands at $54.47.
Brent Oil is once again staging a rebound from the 200-DMA at a time when the RSI is oversold.
I am pretty sure here that oil has found a bottom around $50-$49.75 levels… as the multiple daily candles with long tails suggest.
However, I would want to see prices break on the upside of the minor falling channel followed by a jump above $52.62 (Mar 16 high). Such a move would open doors for a re-test of 50-DMA, which has topped out and is now sloping downwards. The 50-DMA currently stands at $54.47.
