The Brent Oil rebounded today and tries to stay in the buyer’s territory, is located above the 48.50 level, but he needs a bullish spark to be able to resume the short term throwback.
Price rallied after the false breakdown below the upper median line (UML) of the major descending pitchfork and now is approaching the 50% retracement level. Only a valid breakout above this level will bring us a good buying opportunity.
Resistance can be found also at the 50.10 previous high and higher at the sliding line (SL), we’ll have a broader rebound if will escape from the descending channel between the SL and the 50% Fibonacci line.
