Technical Analysis: Brent oil takes the bids inside six-week-old rising wedge
Despite gradually extending the recovery moves from $40.00, currently around $42.60, the Brent Oil benchmark remains inside a short-term bearish chart formation. In addition to the pattern suggesting further downside, nearly overbought conditions of RSI also suggest that the bears are rolling their sleeves for entry. However, a clear break below the pattern's support, like, at $40.85, becomes necessary to anticipate a further fall towards $32.00. In doing so, the black gold might take a rest on a 200-bar SMA level of $38.70 and May 26 high near $36.15.
Meanwhile, $43.00 and the recent high around 43.60 could entertain short-term buyers during the further upside before challenging them by the said pattern's resistance, at $44.45 now. If at all there prevails any more upside by the commodity beyond $44.45, March 06 low near $45.50 could pop-up on their radars.