Brent oil retakes rising trend line
- Brent’s move back above rising trend line if followed by a cut through offers around $46.16 could open doors for a rise to rising channel hurdle seen on daily chart at $47.80-48.00 levels next week.
- The recovery from the intraday low also marks failure to sustain below key level of $44.90 and adds credence to bullish momentum.
- Short-term bullish invalidation is seen only if prices suffer day end closing below $43.32.