Brent oil – Bears reinforced
Brent’s retreat on Monday followed by a break below the rising trend line (red) today has opened doors for test of daily 50-MA of $48.63 levels.
Moreover, the daily chart now has falling top formation in the place. This coupled with a daily closing below rising trend line (red) today would strengthen the bears.
However, bears should watch out for a rebound and a break above Asian session high of $50.07 as such a move could yield $50.85.
Only a day end close above $50.85 would signal bearish invalidation as it would breach falling top formation.
Moreover, the daily chart now has falling top formation in the place. This coupled with a daily closing below rising trend line (red) today would strengthen the bears.
However, bears should watch out for a rebound and a break above Asian session high of $50.07 as such a move could yield $50.85.
Only a day end close above $50.85 would signal bearish invalidation as it would breach falling top formation.
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