Brent oil - More losses if rejected at trend line resistance
Resistance - $48.34, $50.00, $50.89
Support - $47.00, $45.80, $45.00
Support - $47.00, $45.80, $45.00
- Failure to sustain above rising trend line (red) followed by a break below previous day's low of $46.92 could yield a move lower to $45.80 (blue rising trend line). Day end closing below $45.80 today would be a major blow for oil bulls.
- On the higher side, $48.34 stands as a strong resistance, which needs to be breached on day end closing basis if bulls wish to have more say in determining prices.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.