Brent oil – Bears in control, eyeing key support

6 lip 2016

Resistance - $48.34, $48.73, $49.38

Support - $47.52, $46.75, $44.91

• Oil’s failure to sustain below previous session low of $47.52 despite bearish break below rising trend line (blue) in Asia indicates prices could make an attempt at $48.34 (50% of May 2015 high – Jan 2016 low). a break higher would expose 50-DMA at $48.73-49.00 levels.
  

• On the other hand, a failure to take out $48.34 followed by a move back below $47.52 would open doors for a slide to $46.75 (23.6% of Jan low – June high).