Resistance - $49.81, $51.12, $53.35
Support - $49.11, $48.34, $47.36
Support - $49.11, $48.34, $47.36
- Brent’s failure near rising wedge resistance yesterday followed by a negative closing led to formation of inverted bearish hammer at a time when daily RSI is turning lower from overbought territory.
- Consequently, technical correction could gather steam especially if prices see a break below hourly 200-MA level of 49.11, in which case support at 48.34 (50% of May 2015 high-Jan 2015 low) could be put to test.
- On the higher side, a day end closing $51.12 would signal continuation of the rally.
