Technical Analysis: Brent oil buyers again target yearly resistance line inside immediate rising channel
While following a monthly ascending trend channel, the Brent Oil futures again aim to confront a falling trend line from January 05. Should the barrel of the black gold manage to provide a daily closing past-$35.15, the channel's resistance line $39.75/85 could lure the bulls. It should, however, be noted that the energy benchmark's ability to conquer a $40.00 round-figure enables it to fill the gap below March 06 low of $45.46.
Meanwhile, sellers will look for entries below the channel's lower line, currently around $31.60, which in turn could drag them towards $30.00 and then to 50-day EMA surrounding $27.00. Though, a further dominance by the sellers below $27.00 can aim the April-start low of $21.27.