Brent – increased odds of a rebound
Resistance - $46.75, $47.39, $48.34
Support - $46.32-46.13, $44.81, $44.17
Support - $46.32-46.13, $44.81, $44.17
- Brent’s repeated failure to remain below channel support if followed by a break above $46.75 (23.6% of Jan low – June high) would open doors for $48.34 (50% of May 2015 high – Jan 2016 low).
- Such a move on day end closing basis would suggest a short-term bottom is in place at $46.13.
- On the lower side, a day end closing basis below $46.13 would suggest the retreat from June top has resumed and prices then could drop to 100-DMA support of $44.82.
