Brent oil – Eyes 23.6% Fib resistance

Oil’s recovery from the low of $44.38 amid the daily MACD showing loss of bearish momentum suggests the bearish move may have run out of steam and the prices could rebound from 200-DMA of $45.39 and move to $46.58 (23.6% of the recent drop).

Only a daily close below $44.38 would suggest continuation of the recent downtrend.