Brent oil outlook – On the cusp of a golden crossover
Daily Chart
Resistance – 46.27, 47.00, 48.34
Support – 44.87, 44.16, 42.40
Resistance – 46.27, 47.00, 48.34
Support – 44.87, 44.16, 42.40
- Brent’s bullish move yesterday if followed by a break above weekly 50-MA hurdle of 45.56 could result in a rise to 46.27 (weekly high).
- Such a move looks possible if prices bounce-off daily 5-SMA support 44.86 levels.
- A break above 46.27 could see prices test supply around 47.00 (confluence of trend line levels).
- Short-term bearish invalidation is seen only below 42.40 (200-SMA + rising trend line support).
- Note – prices are on the cusp of a golden crossover between daily 50-MA and 200-MA.
