Brent oil – Needs day end closing above falling trend line
Resistance - $51.22 (June 22 high), $52.16, $52.83
Support - $50.11, $49.70, $49.22
Support - $50.11, $49.70, $49.22
- Brent needs to close above falling trend line as such a move would add credence to the rebound from the Monday’s rising trend line support and open doors for a cut above recent high of $52.83.
- On the other hand, intraday failure to take out $51.22 if followed by a break below $50.11 could yield re-test of $49.22.
