Technical Analysis: Brent oil pierces monthly resistance line, focus on $46.00
While keeping the recovery moves from 21-day SMA, Brent Oil prices cross a short-term falling trend line extended from August 05. The British energy benchmark gains support from strong RSI conditions to keep the buyers hopeful. Though, a daily closing past-$45.15 becomes necessary for the bulls to attack $46.00 while also battling the monthly high of $45.91. It should be noted that the March 02 low near $48.75 will be on the oil traders' radar once they see the quote beyond $46.00.
Alternatively, the black gold's declines below the 21-day SMA level of $44.40 needs validation from Friday's low near $43.48 to convince sellers. In doing so, the monthly bottom close to $42.50 and July 30 trough surrounding $41.40 will be important to watch. It's worth mentioning that bulls targeting the return of the early-March levels will be disappointed if the quote slips below $41.40.