Quick Look: Brent in rising channel

Brent daily chart


Brent’s daily close below 100-DMA of 38.40 following a failure to capitalize on the bullish break from falling trendline would signal a drop to rising channel support at 36.14, which is also Jan 29 high.

A bearish break from rising channel on daily closing basis would be a sign the corrective rally has ended and prices are about to resume sell-off

Bears need to watch out for a rebound of 100-DMA support, in which case offers around falling trend line hurdle around $39.75 would be put to test. If toppled, prices could run into a wall of resistance in the range of $41-41.50 levels.

Only a break above $41.50 would mean continuation of rally from the Jan 20 bottom and increased odds of a subsequent rise to $4219-43.13



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