Brent oil – Re-test of Friday’s low
- Brent’s bearish closing below 100-DMA followed by a rejection at 100-DMA again suggests prices could be heading back to $45.15 levels.
- A daily closing below falling wedge would indicate a drop to $43.30 (May 10 low) - $42.23 (200-DMA).
- On the other hand, a break above 100-DMA would set in motion a corrective rally towards $46.67 (June 27 low).
