Will golden crossover on Brent work?
Daily Chart
Resistance - $46.74, $47.42, $47.97
Support - $45.30, $44.16, $42.48
Resistance - $46.74, $47.42, $47.97
Support - $45.30, $44.16, $42.48
- Brent’s rebound from near $44.00 levels last week has kept the hopes alive for a golden crossover - a bullish crossover between 50-SMA and 100-SMA.
- The question is whether this will trigger a fresh rally in oil.
- Golden crossover usually is a laggard indicator. But if we take into account that oil is coming off a downtrend that saw priced plunge from above $100 levels to near $30 levels, then the golden crossover gains credence.
- Also note, that Iran’s supply is expected to hit pre sanction levels by June, which means major powers may be able to reach some kind of an accord at June OPEC meeting. Hence, bears need to remain vigilant.
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