Brent oil - Bullish invalidation on cards?
Support - $43.26, $41.05
Resistance - $45.11-45.44, $46.00
The fall isn't surprising to us as we had noted a sudden exhaustion in the hollywood 'sell' calls and fear mongers that were totally "in form" after Doha debacle.
Resistance - $45.11-45.44, $46.00
- Brent's failure to sustain and capitalize on a rebound from the rising trend line support earlier today followed by a break below rising trend line itself indicates bullish invalidation.
- A daily close below rising trend line would expose $43.26 (23.6% Fibo of Jan-April rally). Also watch out for daily RSI, which may breach 50.00 levels bringing-in more technical selling towards $41.05 levels.
- On the higher side, it would take a daily close back above $45.44 for the bulls to make comeback.
The fall isn't surprising to us as we had noted a sudden exhaustion in the hollywood 'sell' calls and fear mongers that were totally "in form" after Doha debacle.