Brent oil - Eyes hourly 100-MA support

10 thg 6, 2016

Resistance - $51.84, $52.43, $52.83

Support - $51.25, $50.89-50.72, $50.00

• Brent's bearish price rsi divergence on the hourly chart followed by a break below $52.00 levels indicates the prices could drop to $51.25 (hourly 100-MA) levels. A break lower lower could yield $50.89-$50.72.
  

• On a larger scheme of things, bullish invalidation is see only if prices see a day end closing below $48.34 levels.
  

• The hourly chart also shows a downtrend has been established, thus the resistance has to be taken out if prices have to re-test $52.00-$52.43 levels.