Brent again eyeing bullish break from falling trend line

Brent daily

brent

  • Brent’s rebound from 100-DMA on Tuesday followed by a daily closing above falling trend line resistance of $39.85 today would open doors for a re-test of March 8 high of $41.46.
  • Bullish forces would work hard for a daily close above $41.46, since that would add credence to the rebound from 100-DMA support. In that case, prices could target $42.17 and $45.

Bulls need to watch if prices manage to end the day above rising trendline. Bullish invalidation is seen only if prices end the day below 100-DMA level

 

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