Brent oil - Waiting game

19 juli 2016Pattern – Symmetrical Triangle inside falling channel

• Oil finds itself in a small symmetrical triangle formation with resistance at $47.73 and support at $46.56.
  

• A break on the lower side on daily closing basis would expose falling channel support seen at $45.40 levels.
  

• On the other hand, a bullish daily closing could yield a move to $48.44 (July 12 high).