Brent's failure to move back inside the sideways channel (blue dotted line) followed by a break below the daily low after Monday's bearish breakout from sideways channel would result in sharp losses to $44.94 (100-DMA) levels.
On the higher side, a violation at $46.75 (23.6% of Jan low - June high) on the daily closing basis could yield $48.34 (50% of May 2015 high - Jan 2016 low).
On the higher side, a violation at $46.75 (23.6% of Jan low - June high) on the daily closing basis could yield $48.34 (50% of May 2015 high - Jan 2016 low).
