Brent’s day end closing below $42.99 (38.2% of Jan low – June high) on Thursday suggests prices are on track to test 200-DMA support at $42.15 levels today.
Daily RSI is yet to hit oversold territory, there are no signs of bullish divergence. Daily MACD remains bearish as well.
A minor technical recovery was seen in Asia, but that is failing to hold prices above $42.99, thus adding to the bearish tone around oil.
Bearish invalidation is seen only if prices see a daily closing above $45.00 levels.
Daily RSI is yet to hit oversold territory, there are no signs of bullish divergence. Daily MACD remains bearish as well.
A minor technical recovery was seen in Asia, but that is failing to hold prices above $42.99, thus adding to the bearish tone around oil.
Bearish invalidation is seen only if prices see a daily closing above $45.00 levels.
