Brent Oil extends pullback from last week and remains in steep descend for the fifth straight day. Fresh bearish extension on Monday cracked important support at $56.00 (Fibo 38.2% of $50.47/$59.48 upleg).
Rising 20SMA (currently at $55.72) is reinforcing support zone, where bears may take a breather on oversold slow stochastic.
However, south-heading daily RSI shows a plenty of room at the downside and signals further easing on firm break below $56.00/$55.72 triggers, which would expose support at $54.97 (daily Kijun-sen / 50% retracement.
Initial resistance lies at $56.74 (session high) and extended upticks should remain below broken daily Tenkan-sen at $57.36.
Res: 56.74, 57.00, 57.36, 57.72
Sup: 55.98, 55.72, 55.25, 54.97
