Brent’s rejection at the rising trend line coming from Jan 2016 low and Nov 2016 low despite the surprise drawdown in the US inventories reported by the EIA in the North American session yesterday has opened doors for a sell-off to $49.75 (Mar 20 low).
A weekly close below $49.75 would add credence to the falling top formation, the breach of the rising trend line, bearish RSI and would mean the prices have topped out at $58.35 (Jan 2017 high). Oil may proceed to test $43.60 (Nov 2016 low) following a weekly close below $49.75.
On the higher side, only a breach of the falling top formation would signal bearish invalidation.
A weekly close below $49.75 would add credence to the falling top formation, the breach of the rising trend line, bearish RSI and would mean the prices have topped out at $58.35 (Jan 2017 high). Oil may proceed to test $43.60 (Nov 2016 low) following a weekly close below $49.75.
On the higher side, only a breach of the falling top formation would signal bearish invalidation.
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