As anticipated in the London open update, Brent prices extended gains to weekly 100-MA and failed to take out the same.
Prices are back below $50.00 handle and this suggests the rally since last week's low of $45.67 has run out of steam and we could see sideways to negative action for next few days.
On the downside, $48.53 (Aug 23 low) is a strong support, which if breached would open doors for a much deeper retracement to $45.00 levels.
Prices are back below $50.00 handle and this suggests the rally since last week's low of $45.67 has run out of steam and we could see sideways to negative action for next few days.
On the downside, $48.53 (Aug 23 low) is a strong support, which if breached would open doors for a much deeper retracement to $45.00 levels.
