Brent oil – Rising Wedge formation
Resistance - $50.49, $51.00, $53.36
Support - $49.69, $48.36, $47.56
Support - $49.69, $48.36, $47.56
- Brent’s sharp recovery from sub-$49 levels in last two trading days if followed by a break above $50.49 (May 26 high) would open doors for a test of rising wedge resistance at $51.00 levels.
- A day end closing above $51.00 would signal continuation of rally and a possible test of $53.36.
- On the other hand, failure to take out hurdle $51.00 followed by a break below $49.93 could signal a possible correction to $48.34 levels.
- Bullish invalidation is seen only if prices see a bearish break from wedge formation.
