Brent's retreat from Tuesday's high kept the minor falling top formation on the daily chart intact, thus keeping doors open for a re-test of falling wedge support.
Failure in Asia to to extend gains above 5-dMA followed by a fall back below hourly 50-MA suggests prices may be on the way to $45.50 (wedge support).
On the higher side, only a day end closing above Thursday's high of $48.55 accompanied by strong volumes would signal a short-term bottom is in place and could yield bullish break from falling wedge formation.
Failure in Asia to to extend gains above 5-dMA followed by a fall back below hourly 50-MA suggests prices may be on the way to $45.50 (wedge support).
On the higher side, only a day end closing above Thursday's high of $48.55 accompanied by strong volumes would signal a short-term bottom is in place and could yield bullish break from falling wedge formation.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.